Mitsui & Co. and Itochu will acquire interests in the Ministers North iron ore deposit in Western Australia, Nikkei reported, as the Japanese trading houses position themselves for anticipated steel demand growth in developing Asian economies.
Mitsui will hold a 7% stake in the deposit while Itochu takes 8%, with BHP Group retaining 85% ownership. The arrangement mirrors the companies’ existing partnership structure across four other iron ore operations in the Pilbara region, where they have collaborated since the 1960s.
The acquisition targets rising steel consumption in India and Southeast Asia, regions that analysts expect to drive global demand growth over the coming decades. India’s steel demand jumped 8% in 2024 and could triple its global market share to 21% by 2050, according to Wood Mackenzie research. Southeast Asia’s share is projected to double from 5% to 10% over the same period.
The timing reflects a broader shift in global steel markets. While China’s demand is forecast to decline by five to seven million tonnes annually over the next decade, emerging economies are ramping up infrastructure spending and manufacturing capacity.
Ministers North sits adjacent to the companies’ existing Pilbara mines, potentially offering operational synergies through shared rail and port infrastructure. The deposit represents another expansion of Japan’s long-term resource strategy in Australia, where both trading houses rank among the country’s largest foreign investors in the mining sector.
