Japanese Firms Buy Stakes In WA Mine
Mining and petroleum giant BHP Billiton has sold a 15 percent stake in the Jimblebar mine in West Australia to two Japanese conglomerates.
ITOCHU Corporation is investing $A872.51 million for an eight per cent stake in the project while Mitsui came up with $A763.44 for a seven per cent interest.
“We are pleased to extend our successful, long-standing joint venture relationship with ITOCHU and Mitsui,” BHP Billiton's iron ore president Jimmy Wilson said in a statement.
The Jimblebar mine is in the Pilbara region. It’s expected to have an initial production capacity of 35 million tonnes per annum, rising to 220 million tonnes per annum once it becomes fully operational.