16th Jul 2026 03:18
(Alliance News) - Itochu Corp and BHP Group Ltd on Thursday announced they have made the final investment decision for the development of the Ministers North iron ore deposit in Western Australia, moving the project into its construction phase.
Tokyo-based trading company Itochu holds an 8% stake in the deposit alongside Melbourne, Australia-based diversified miner BHP with 85% and Mitsui & Co Ltd, also a trading company headquartered in Tokyo, with 7%.
Each partner will be funding development in line with its ownership share.
Production is scheduled to begin in the second half of 2028, with expected annual output of about 20 million tonnes.
The deposit sits near BHP's Yandi mine, allowing the venture to use existing rail and port infrastructure and reduce costs.
Itochu said the project will help support long‑term resource supply as Yandi gradually winds down.
Shares in Itochu were down 0.7% at JPY1,923.50 in Tokyo on Thursday while BHP shares fell 3.1% to AUD58.69 in Sydney.
By Judy Amaca, Alliance News reporter Asia-Pacific
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