King & Wood Mallesons (KWM) and Clayton Utz have advised on two transactions enabling Mitsui to acquire a 40% stake in the Rhodes Ridge iron ore project in Western Australia’s Pilbara region with a combined value of USD5.342 billion.
The first transaction saw Mitsui, a Japanese trading and investing group, acquiring VOC Group’s entire 25% interest in Rhodes Ridge for USD3.2 billion. Clayton Utz advised VOC on this sale, with partners Brett Cohen and Mark Paganin leading the multidisciplinary team.
In the second transaction, Mitsui entered into an agreement with AMB Holdings to acquire an additional 15% stake in Rhodes Ridge. This deal remains subject to due diligence and final negotiations. KWM advised Mitsui on both acquisitions, with partner Andrew Deszcz leading the team.
Rhodes Ridge is one of the world’s largest undeveloped iron ore deposits, with confirmed mineral resources of 6.8 billion tonnes and initial production is expected to begin by 2030.
