Mitsui and Itochu are consolidating their long-standing positions in BHP’s Western Australia Iron Ore (WAIO) business, acquiring new stakes in the proposed Ministers North deposit.
Under agreements signed this week, Mitsui will hold a 7 per cent interest in Ministers North, while Itochu will hold an 8 per cent interest in the deposit, mirroring the partners’ existing WAIO shareholdings. BHP will retain 85 per cent.
Located about 13km from the Yandi mine, Ministers North is expected to be developed as an open-pit operation with low operating costs. The deposit can leverage WAIO’s existing rail, port and infrastructure, lowering development costs and speeding up potential production.
Development remains subject to a final investment decision, expected by June 2026. The project is viewed as a key replacement for Yandi, which will be progressively phased out as it depletes.
BHP WA iron ore asset president Tim Day said the decision reinforced confidence in Western Australia’s resource sector.
“This is another big vote of confidence in the Pilbara and in WA’s role as a global resources powerhouse,” Day said.
“Ministers North builds on decades of collaboration with Mitsui and Itochu, and will unlock new efficiencies while supporting jobs, growth and innovation across the region.
“It’s exactly the kind of investment that keeps the Pilbara firing, delivering value for Australia, for Japan, and for the global steel industry.”
For Mitsui, the acquisition supports its 2026 medium-term management plan and strengthens its equity-based production volumes, which reached 62 million tonnes in the 2024–25 financial year (FY25). The company said Ministers North would contribute to the stable supply of steelmaking materials, particularly in Asia.
Itochu said its investment would help WAIO sustain long-term output, targeting production growth beyond 305 million tonnes a year and supporting global demand for cost-competitive iron ore.
If approved, Ministers North is expected to become a cornerstone of WAIO’s future production profile, underpinning continued supply to international steelmakers.
