Mitsui & Co., Ltd.("Mitsui") announced
today that it will spend approximately A$190 million (17 billion yen) through
its Australian subsidiaries to increase the capacity of iron ore operations
in Western Australia, jointly operated with BHP Billiton and Itochu Corporation,
to 155 million tons per annum (Mtpa).
Staged expansion program has been
implemented to comply with strong global demand for iron ore, and the capacity
expansion to 129 Mtpa is currently underway. The announced expansion today is
to further increase the capacity by 26 million Mtpa to 155 Mtpa, mainly by enhancing
Mt. Newman operation. The initial production is expected to commence in the
first half of CY2010. The capital expenditure for the expansion will total approximately
A$2.7 billion (250 billion yen).
Mitsui is engaged in the business through
three iron ore joint ventures, namely, Mt. Newman, Yandi and Mt. Goldsworthy.
The participating interests of BHP Billiton, Itochu and Mitsui in these joint
ventures are 85%, 8% and 7%, respectively.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.