ITOCHU Corporation (headquartered in Minato-ku, Tokyo; President　& COO: Keita Ishii, hereinafter “ITOCHU”) is pleased to announce that BHP Group Limited (Head Office: Melbourne, Australia; CEO: Brandon Craig; hereinafter “BHP”), together with ITOCHU, has made the Final Investment Decision for the development of the Ministers North Iron Ore Deposit (hereinafter “the Deposit”) and that the project will now proceed to the full development phase. Moving forward, ITOCHU will continue to build on the strong partnerships it has established with its long-standing partners. We will contribute to the stable supply of resources and the sustainable enhancement of corporate value while steadily pursuing investments in high-quality resource interests from a medium- to long-term perspective.

ITOCHU acquired an 8% interest in the Deposit in 2025. BHP and Mitsui & Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President & CEO: Kenichi Hori; hereinafter “Mitsui”) hold 85% and 7% interests, respectively. The respective parties will bear any development costs that arise in connection with the development of the Deposit in proportion to their respective ownership interests. The commencement of production at this deposit is scheduled for the second half of 2028, with an expected annual production volume of approximately 20 million tons. The investment decision was made according to the original schedule.

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.

For further details regarding the development of the Deposit, please also refer to ITOCHU’s news release* dated September 9, 2025.