Japanese trading house Mitsui said on Wednesday it would acquire a 40% interest in the Rhodes Ridge iron ore project in Australia for $5.34 billion. Rhodes Ridge, operated by Rio Tinto, is one of the world's largest undeveloped iron ore deposits with 6.

Japan-based trading company Mitsui & Co. has signed agreements to acquire a 40% interest in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34bn (Y800.51bn). The deal is expected to bolster Mitsui's iron ore production capacity and long-term earnings base.

Japan's Mitsui & Co. (OTCPK:MITSY) to buy 40% interest in the Rio Tinto-operated (NYSE:RIO) Rhodes Ridge iron ore project in Western Australia for $5.34B. Rhodes Ridge is located in the Pilbara region of Western Australia where Mitsui (OTCPK:MITSY) has been involved in iron ore businesses since the 1960s.