TOKYO (Reuters) - Japanese trading firm Mitsui & Co 8031.T 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 RIO.AX in Cape Lambert, western Australia.
The additional investment will boost the Robe River joint venture’s port capacity by 70 million metric tons per year to 203 million metric tons 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 metric tons per year, up from 80 million metric tons.
Mitsui owns a 33 percent stake and Rio Tinto holds 53 percent in the joint venture. Nippon Steel Corp 5401.T and Sumitomo Metal Industries hold the remaining stake.
($1 = 0.9595 Australian dollars)
Reporting by Tokyo Newsroom