BHP sells iron ore mine stake to Japanese

BHP Billiton has sold a 15 per cent stake in a WA iron ore mine to Japanese corporate giants. Source: AAP

MINING giant BHP Billiton has sold a 15 per cent stake in a West Australian iron ore mine to two Japanese conglomerates for $US1.5 billion ($A1.64 billion).

ITOCHU Corporation is investing $US800 million ($A872.51 million) while Mitsui is stumping up $US700 million ($A763.44 million) in shares and loans in BHP's Jimblebar mine in the Pilbara region.

ITOCHU will hold an eight per cent stake in the project while Mitsui will have a seven per cent interest.

BHP Billiton's iron ore president Jimmy Wilson said the deal would improve simplicity and flexibility.

"We are pleased to extend our successful, long-standing joint venture relationship with ITOCHU and Mitsui," he said in a statement.

The Foreign Investment Review Board has to approve to the transaction for the mine, rail and port infrastructure project, which is expected to be signed off during the September quarter.

The Jimblebar mine will have initial production capacity of 35 million tonnes per annum, which will take BHP's West Australian iron ore supply chain capacity to 220 million tonnes per annum once it becomes fully operational.

BHP shares fell in early trade on Friday, but closed 30 cents higher at $32.45, while the wider market closed lower.

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