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.

Rio Tinto has confirmed that Mitsui & Co. has entered agreements to acquire a 40 per cent interest in the Rhodes Ridge joint venture.

King & Wood Mallesons is acting for Japanese conglomerate Mitsui & Co on its $5.34 billion purchase of an interest in the Rhodes Ridge Iron Ore Project in Australia. The deal marks the largest ever single investment for Mitsui, the company's president and chief executive officer, Kenichi Hori, said in a speech announcing the acquisition.

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.

The Japanese trading house said that the Rhodes Ridge project will be developed and operated by Rio Tinto, which holds a 50% interest.

Rio Tinto notes that Mitsui & Co. has entered agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture (RRJV) from Rio Tinto’s partners.

Rio Tinto PLC (RIO) shares fell as much as 2% in morning trade on Wednesday after Japan's Mitsui & Co. (MITSY) signed agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture (RRJV), a major mining project in Australia,