Mitsubishi Corp sells Australian iron ore and rail project to Sinosteel
Mitsubishi Corp has handed over the full ownership of an iron ore expansion and rail and port infrastructure project in Western Australia to China’s state-owned Sinosteel.
The project includes mothballed Jack Hills iron ore mine, expansion project as well as a proposed rail and port facility, was once considered Australia’s next big prospect for iron ore riches outside of the Pilbara, now the world’s biggest export hub for iron ore.
Mitsubishi has invested AUD 150 million (US$ 102.96 million) for the initial 50% stake in the project in 2007 and invested AUD 325 million (US$ 223.08 million) in 2012 for the remaining 50% stake.
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