Mitsui to invest A$1.6 bln to expand Australia JV port capacity
Japanese trading firm Mitsui & Co said it would invest A$1.5 billion (US$1.6 billion) to expand iron ore export capacity at a joint venture with Rio Tinto Ltd in Cape Lambert, western Australia, Reuters reports.
The additional investment will boost the Robe River joint venture's port capacity by 70 million tonnes per year to 203 million tonnes per year in the first half of 2015, Mitsui said in a release on Tuesday.
Cape Lambert is now being expanded to handle 133 million tonnes per year, up from 80 million tonnes.
Mitsui owns a 33 percent stake and Rio Tinto holds 53 percent in the joint venture. Nippon Steel Corp and Sumitomo Metal Industries hold the remaining stake.