ITOCHU Corporation (headquartered in Minato-ku, Tokyo; President & COO: Keita Ishii, hereinafter “ITOCHU”) has agreed to acquire a partial indirect interest in the Ministers North Iron Ore Deposit (hereinafter “the Deposit”), wholly owned by leading resource company BHP Group Limited (Head Office: Melbourne, Australia; CEO: Mike Henry; hereinafter “BHP”). The related contracts were signed today.*

Mitsui & Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President & CEO: Kenichi Hori; hereinafter “Mitsui”) has also agreed with BHP to acquire a partial indirect interest in the Deposit. Following these acquisitions, ITOCHU will own an 8% share of the Deposit, while Mitsui and BHP will own 7% and 85%, respectively. ITOCHU and Mitsui will also bear any development costs that arise in future in connection with the development of the Deposit, according to their respective ownership interests.

ITOCHU has been in joint ventures with BHP since 1967, participating in iron ore operations in Western Australia. Currently, ITOCHU, BHP, and Mitsui jointly own several mines in the region, with a total annual production of approximately 290 million tonnes. The Western Australia Iron Ore operations (hereinafter “WAIO”) is targeting production of greater than 305 million tonnes in the medium term, and BHP has completed studies into growth from 305 to up to 330 million tonnes per year, giving WAIO further optionality.

The Deposit is expected to be an open-pit mine with low operating costs. It is located approximately 13 km from the existing Yandi iron ore mine, allowing for the use of existing rail, port, and other infrastructure owned by WAIO, thereby reducing both the development period and costs. The Yandi iron ore mine, which has long been a core operation in Western Australia, is scheduled for a gradual decrease in production, making the Deposit an important project for supplementing future production volumes. Development of the Deposit is subject to a potential Final Investment Decision by June 2026.

Moving forward, ITOCHU will build on the strong partnerships it has formed with its long standing partners. We will continue to expand our carefully selected portfolio of highly cost-competitive resource business projects, thereby contributing to the stable supply of iron ore essential to society.