Mitsui & Co., Ltd. ("Mitsui") (Head Office: Tokyo, Japan, President and CEO: Masami Iijima), approved the investment to expand the iron ore export capacity at Cape Lambert by 70 million tons per year and the replacement of existing port facilities ("Port Expansion"), owned by the Robe River J/V (Rio Tinto 53%, Mitsui 33%, Nippon Steel Corporation 10.5%, Sumitomo Metals Industries, Ltd. 3.5%) in the Pilbara region of Western Australia.
Cape Lambert is currently under construction to increase its nameplate capacity from 80 million tons to 133 million tons per year and the approved Port Expansion will further increase its nameplate capacity to 203 million tons per year, the first ore shipment to be scheduled in the first half of calendar year 2015.
Mitsui will invest A$ 1.5 billion (approximately 124.0 billion yen) for the Port Expansion through its 100% subsidiary Mitsui Iron Ore Development Pty. Ltd. The Expansion Project is subject to Robe River J/V partner approval.
Mitsui will work to increase the iron ore supply through the Robe River J/V in response to the expected increase in global demand over the medium to long term.
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement 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.