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.

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

Rio Tinto notes that Mitsui & Co. has entered agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture (RRJV) from Rio Tinto’s partners.