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Japanese translation

Rhodes Ridge Joint Venture to Commence Feasibility Study for Mine Development in Australia

Dec. 16, 2025

Mitsui & Co., Ltd. ("Mitsui", head office: Tokyo, President and CEO: Kenichi Hori) has completed the full acquisition of a 40% interest in the Rhodes Ridge iron ore project, which is co-owned with leading resource company Rio Tinto and AMB Holdings Pty Ltd ("AMB"), on December 11. The Rhodes Ridge JV has now decided to proceed with a Feasibility Study for the development of the iron ore deposits.

The Feasibility Study is based on the positive results of the Pre-Feasibility Study completed in December 2025 and represents an important milestone toward the Final Investment Decision. The project will be a staged development, and this Feasibility Study focuses on the initial production stage of 40-50 million tons per annum.

The initial production stage is designed to leverage existing rail, port, and power infrastructure to enable early production and accommodate future expansion, with production expected to start by 2030. The Rhodes Ridge JV's annual production is expected to reach over 100 million tons in the future after further expansions. Also, throughout the project design, measures to minimize environmental impacts are being developed, with priority given to protecting and managing cultural heritage and the environment.

Global demand for crude steel is expected to continue increasing, driven by further growth in Asia. Mitsui's annual equity share of iron ore production for FY March 2025 was approximately 62 million tons. Through the expansion of existing iron ore operations and the new contribution from the Rhodes Ridge JV, Mitsui aims to achieve over 80 million tons per annum under the initial production phase, and more than 100 million tons after further expansions. By expanding iron ore business, Mitsui will further strengthen the long-term earnings base and remain committed to contributing to the stable supply of essential mineral and metal resources for society.

Company Profile

Name	Rhodes Ridge Joint Venture
Interest Ratio	Rio Tinto (Hamersley Resources Limited)	50%
	Mitsui (SPC Blue Pty. Ltd.)	40%
	AMB (Rhodes Ridge Mining (No 1) Pty Ltd^*)	10%
Development Schedule	Feasibility Study: Completion expected within 2029 Start of production: Expected by 2030

*AMB holds a 10% interest through Rhodes Ridge Mining (No 1) Pty Ltd, a wholly owned subsidiary of Wright Prospecting Pty Ltd.

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”