Rio Tinto has confirmed that Mitsui & Co. has entered agreements to acquire a 40 per cent interest in the Rhodes Ridge joint venture.

Japanese trading house Mitsui & Co said on Wednesday it would acquire a 40% stake in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34 billion to strengthen its long-term earnings base.

Japan-based trading company Mitsui & Co. has signed agreements to acquire a 40% interest in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34bn (Y800.51bn). The deal is expected to bolster Mitsui's iron ore production capacity and long-term earnings base.