Mitsui and Itochu have increased their investments in BHP's Western Australia Iron Ore business by acquiring stakes in the Ministers North deposit. Mitsui now holds 7% and Itochu 8%, while BHP retains an 85% share in the project. The deposit, located near the Yandi mine, will utilize existing infrastructure to lower development costs and accelerate production.

A final investment decision is expected by June 2026, positioning Ministers North as a replacement for the depleting Yandi mine. The project aims to support long-term iron ore supply and meet global steel industry demand.