Mitsui to Expand Capacity at Western Australian Iron Ore Joint Ventures with BHP Billiton.Tokyo, Japan, Mar 23, 2007 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Mitsui & Co., Ltd.("Mitsui") announced today that it will spend approximately A$190 million (17 billion yen) through its Australian subsidiaries to increase the capacity of iron ore operations in Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. , jointly operated with BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. and Itochu Corporation, to 155 million tons per annum Per annum Yearly. (Mtpa). Staged expansion program has been implemented to comply with strong global demand for iron ore, and the capacity expansion to 129 Mtpa is currently underway. The announced expansion today is to further increase the capacity by 26 million Mtpa to 155 Mtpa, mainly by enhancing Mt. Newman operation. The initial production is expected to commence in the first half of CY2010. The capital expenditure for the expansion will total approximately A$2.7 billion (250 billion yen). Mitsui is engaged in the business through three iron ore joint ventures, namely, Mt. Newman, Yandi and Mt. Goldsworthy. The participating interests of BHP Billiton, Itochu and Mitsui in these joint ventures are 85%, 8% and 7%, respectively. Notice: This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission. This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us. About Mitsui and Co., Ltd. Mitsui and Co., Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :8031; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MITSY) is one of the largest trading houses in the world and is active in a wide range of trading activities, along with the development of energy sources and other natural resources for various industries. These include export, import, domestic and offshore transactions in such industrial materials as steel, non-ferrous metals and chemicals as well as in machinery, electronic and industrial products and lifestyle-related products, including foodstuffs foodstuffs npl → comestibles mpl foodstuffs npl → denrées fpl alimentaires foodstuffs food npl → , textiles and general merchandise. Mitsui is also involved in various businesses related to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. activities, as well as telecommunications and IT, service businesses and regional development. For more information, please visit www.mitsui.co.jp. Source: Mitsui and Co., Ltd. Contact: Mitsui & Co., Ltd. Investor Relations Division Telephone: +81-3-3285-7910 Facsimile: +81-3-3285-9819 E-Mail : infoTKADZ@mitsui.com Mitsui & Co., Ltd. Corporate Communications Division Telephone: +81-3-3285-7562 Facsimile: +81-3-3285-9819 Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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