Mitsui & Co Ltd: Mitsui and ITOCHU Acquire Interests in BHP Iron Ore Jimblebar

  Mitsui & Co Ltd: Mitsui and ITOCHU Acquire Interests in BHP Iron Ore

UK Regulatory Announcement


This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note

Mitsui & Co., Ltd. (head office: Chiyoda-ku, Tokyo; President & CEO: Masami
IIJIMA; hereinafter “Mitsui”) and ITOCHU Corporation (head office: Minato-ku,
Tokyo; President: Masahiro OKAFUJI; hereinafter “ITOCHU”) are pleased to
announce that they have agreed to acquire interests in BHP Iron Ore
(Jimblebar) Pty. Ltd. which is developing the Jimblebar Iron Ore mine
(hereinafter “Jimblebar”) in Western Australia, part of the Iron Ore business
of leading mining company, BHP Billiton (Australia & UK). Binding documents
have been executed this morning.

Mitsui and ITOCHU will acquire 7% and 8% interests respectively in Jimblebar
and BHP Billiton will hold 85%. The investment amounts are approximately
US$0.7 billion (66.5 billion yen) for Mitsui and US$0.8 billion (76.0 billion
yen) for ITOCHU. Mitsui and ITOCHU will also contribute future development
costs for Jimblebar in proportion to their shares.

Jimblebar is a large prospective deposit located 41km east of Newman in the
Pilbara region. The mine is now under construction and will be a large scale,
low cost, open pit mining operation with an initial production capacity of 35
million tons per annum, and with embedded options for expansion to 55 million
tons per annum for incremental capital investment.

Mitsui and ITOCHU, together with BHP Billiton, have a long term relationship
in three iron ore joint ventures, Mt. Newman, Yandi, and Mt. Goldsworthy in
Western Australia (BHP Billiton holds an 85% share, Mitsui 7%, ITOCHU 8%), and
Jimblebar ore will be transported through the rail and port facilities owned
by these joint ventures. The three joint ventures shipped a total quantity of
approximately 180 million tons in financial year 2012, and are currently
expanding infrastructure capacity to 220 million tons per annum (including to
service Jimblebar).

Through this transaction, Mitsui and ITOCHU seek to increase iron ore supply
capacity through the Western Australia Iron Ore operations, in response to the
expected increase in the medium to long term worldwide iron ore demand.

Profile of BHP Billiton
Established: June 30^th 2001

A leading mining company established as a result of the merger of Australia's
Broken Hill Proprietary Company (BHP), which focused on iron ore, coal, oil,
natural gas, and other resources, and the UK's Billiton (with a Dutch and
South African background), which specialized in aluminum, nonferrous, coal,

Head Office: Melbourne, Australia

A dual-listed company in Sydney and London. Also listed on markets in
Johannesburg (South Africa) and New York.

Recent Performance:

Full year ending June 2012 (July 2011 – June 2012):
Proceeds: US$72,226 million (Approximately ¥ 6.9 trillion)
Earnings after tax: US$17,117 million (Approximately ¥ 1.6 trillion)
Half year ending June 2013 (July 2012 – December 2012):
Proceeds: US$32,204 million (Approximately ¥ 3.1 trillion)
Earnings after tax: US$5,683 million (Approximately ¥ 0.5 trillion)

For inquiries about this matter, please contact:

Mitsui & Co.,Ltd.
Corporate Communications Division  Okamoto   +81-3-3285-6645
Investor Relations Division +81-3-3285-7910

ITOCHU Corporation
Corporate Communications Division  Soda +81-3-3497-6446


This announcement contains forward-looking statements. These forward-looking
statements are based on Mitsui's current assumptions, expectations and beliefs
in light of the information currently possessed by it and involve known and
unknown risks, uncertainties and other factors. Such risks, uncertainties and
other factors may cause Mitsui's actual results, financial position or cash
flows to be materially different from any future results, financial position
or cash flows expressed or implied by these forward-looking statements. These
risks, uncertainties and other factors referred to above include, but are not
limited to, those contained in Mitsui's latest Annual Securities Report and
Quarterly Securities Report, and Mitsui undertakes no obligation to publicly
update or revise any forward-looking statements. This announcement is
published in order to publicly announce specific facts stated above, and does
not constitute a solicitation of investments or any similar act inside or
outside of Japan, regarding the shares, bonds or other securities issued by

For diagrams omitted, please see our home page.


Mitsui & Co Ltd
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