IRON and STEEL   Iron Ore   Rail & Railways  

Mitsubishi sells Australian iron ore, 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 that has been slated to cost A$10 billion ($6.86 billion) to develop, the Japanese conglomerate said on Monday.

The Japanese trading house divested all of subsidiary Crosslands Resources shares to Sinosteel unit Sinosteel Ocean Capital for an undisclosed sum, according to a statement from Mitsubishi. The shares were transferred on Friday, according to the statement.

The project, which includes the 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 paid $A150 million for its initial 50% stake in Crosslands in 2007 and a further A$325 million for the rest in 2012, before it placed the mine on care and maintenance the following year as iron ore prices tanked.

The Japanese group agreed to exit the project considering its own divestment strategy and “the environment surrounding the project,” it said in the statement.

The mine has iron ore resources that are costly to develop because they require added processing. Sinosteel had been set to be a major customer of the port and rail infrastructure because of its nearby deposits.

Crossland Resources has a capital of A$548 million, according to the document, while Sinosteel Ocean is capitalised at A$1 million, the statement said.

News No: 6932
Date: 2019/10/21 - 21:06
News Source:

Sinosteel Ocean Capital  Crosslands Resources  Sinosteel  Australian iron ore 


Leave a Comment:


China's 2018 iron ore imports fall 1%, first annual drop since 2010

BEIJING – China's 2018 iron ore imports fell by 1 percent from the previous year, the first annual decline since 2010, according to data from the General Administration of Customs on Monday.

MetalBulletin’s Report on Iran’s “Non-ferrous Metal” Sector Growth in Post sanctions Era

The easing of international commercial sanctions against Iran is likely to boost both the country’s exports of non-ferrous metals and ores, well as foreign investment in the sector, MetalBulletin reported.

Sinosteel MECC will be in Iran Metafo 2015

Mr. Wang Jian the CEO of Sinosteel MECC will be present in Iran Metafo 2015 in order to develop Iranian Mine & Mining Industries projects in future.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners