Mitsui and NSSMC to Invest in Robe River J/V Mine Development in Western Australia

Mitsui & Co., Ltd. (“Mitsui”, President and CEO: Tatsuo Yasunaga) and Nippon Steel & Sumitomo Metal Corporation (“NSSMC”, Representative Director and President: Kosei Shindo) are pleased to announce that Robe River Iron Associates (“Robe River J/V”, Rio Tinto 53%, Mitsui 33%, NSSMC 14%) has decided to invest in the development of new iron ore deposits, namely, the Mesa B/C/H in the Robe Valley mine and the Deposit C/D in the West Angelas mine in the Pilbara region of Western Australia.

The existing deposits in both Robe Valley mine and West Angelas mine, currently in operation, are nearing the end of their lifespan. The Robe River J/V will develop these new deposits utilizing the existing rail and port infrastructure, with the objective of sustaining current rates of iron ore production as existing mines decline. Subject to government and environmental approvals, development of new deposits is expected to start next year, and first ore is currently anticipated from 2021.

The total investment in the subject development is estimated to be US$1,546 million (equivalent to approximately 170.1 billion yen), of which Mitsui and NSSMC will invest US$510 million (approximately 56.1 billion yen) and US$216 million (approximately 23.8 billion yen), respectively, in proportion to each of their equity stakes.

Mitsui and NSSMC will work together with Rio Tinto through the Robe River J/V to stably procure and supply iron ore, for which further demand is expected.

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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.

The information contained in this release is true and accurate at the time of publication; however, it may be subject to change without prior notice.