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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) announces that a final investment decision ("FID") has been made for the development of the Ministers North iron ore deposit ("Ministers North"), which is being developed jointly with BHP and Itochu Corporation ("Itochu", Head Office: Tokyo, President and COO: Keita Ishii). This announcement is an update to the previous release "Mitsui to Acquire Interest in the Ministers North Iron Ore Deposit in Australia" dated September 9, 2025.
Ministers North is located approximately 13 km south of the Yandi iron ore mine, in which Mitsui, BHP and Itochu participate and can be developed efficiently by utilizing existing infrastructure. Ministers North is expected to replace the future decline in production from the Yandi iron ore mine and will be developed as a cost-competitive iron ore project through integrated operations with existing mines.
The shareholding interests in Ministers North held by Mitsui, BHP and Itochu are 7%, 85% and 8% respectively, consistent with the existing shareholding interests in the Western Australian iron ore business. First ore is expected in the second half of 2028, and annual production is expected to reach approximately 20 Mt. The FID has been taken in accordance with the development schedule contemplated when Mitsui and Itochu acquired their interests in Ministers North in 2025. As of March 31, 2026, Mitsui's equity share of iron ore production was approximately 64 Mt per annum and the commencement of production at Ministers North is expected to further strengthen Mitsui's long-term earnings base.
Mitsui has defined "Industrial Business Solutions 2.0" as one of its Key Strategic Initiatives in its Medium-term Management Plan 2029, and has been making efforts to provide solutions for the stable supply of essential resources, materials, infrastructure etc. Steel is a vital material for all industries, and its demand is expected to remain strong especially in Asia. Mitsui will contribute to long-term economic growth globally through the development and production of Ministers North.
Ore processing facilities at Yandi mine, approximately 13km from Ministers North deposit
Locations of iron ore projects with BHP
Mitsui’s Materiality
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified six material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Establish a foundation for sustainable and stable supply” and “Foster a well-being society”
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Establish a foundation for sustainable and stable supply
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Create a community coexisting with nature
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Foster a well-being society
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Cultivate societies that respect human rights
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Empower our people to build brighter futures
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Build an organization with integrity
