One of the Japanese trading houses that Warren Buffett’s Berkshire Hathaway holds has agreed to invest $5.3 billion in an untapped iron-ore project in Western Australia.
Western Australia has several ongoing and planned projects, particularly in the areas of green energy and critical minerals. The Green Energy Approvals Initiative has been developed to streamline the approval process for renewable energy and critical minerals projects without compromising the state’s unique environmental biodiversity. For green energy projects, the Green Energy Major Projects unit acts as the first point of contact, providing assessment, advice, and support.
Western Projects, a construction management company, has been involved in delivering specialized services across education, health, and heritage-based projects in Western Australia.They are known for their commitment to delivering projects on time and on budget.
WA1 Resources LTD is focusing on the exploration of unexplored regions in Western Australia, particularly the West Arunta Project, where they have made a significant niobium discovery at Luni Niobium is considered a critical mineral due to its unique properties and its importance in the transition to a low-carbon economy.
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One of the Japanese trading houses that Warren Buffett’s Berkshire Hathaway holds has agreed to invest $5.3 billion in an untapped iron-ore project in Western Australia.
Mitsui
8031
said it’s paying $3.3 billion to VOC Group and $2 billion to AMB Holdings to get a 40% interest in the Rhodes Ridge iron-ore project.
Rhodes Ridge is located in the Pilbara region of Western Australia and is billed as one of the world’s largest undeveloped iron-ore deposits. Production at the Rio Tinto-led
RIO
UK:RIO project is due to start in 2030.
Mitsui already has an equity share of iron ore production of 61 million tons, and the project over time is expected to add 40 million tons.
Mitsui notes it’s also an investor in a Rio Tinto-led venture called the Robe River iron ore project, which is nearby. Rio Tinto, which said it welcomed the investment, said the new development would use its rail, port and power infrastructure.
Mitsui is one of five trading houses that Berkshire Hathaway
BRK.B
holds. According to FactSet, Berkshire Hathaway has an 8% stake in Mitsui.
