BHP approves $900 million Ministers North iron ore project in Pilbara

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Summary · why it matters

BHP has approved a $900 million investment to develop the Ministers North iron ore project in Western Australia's Pilbara region. The project will develop the high-grade Brockman ore deposit as a satellite extension of the Yandi mine, leveraging existing infrastructure to reduce costs and improve efficiency. Once fully ramped up, Ministers North is expected to produce 20 million tonnes per annum, supporting BHP's medium-term iron ore production target of 305 million tonnes per year on a 100% basis. Construction is set to begin this month with first ore targeted in fiscal 2029. The joint venture is owned by BHP with 85%, Itochu Corporation with 8%, and Mitsui & Co. with 7%.

Impact on assets 4

Energy Transition & Power Demand▲
Itochu Corporation
8001
▲ PositiveCapitalrelevance

Itochu Corporation holds 8% stake in the joint venture, benefiting from project approval.

Mitsui & Co.,Ltd
8031
▲ PositiveCapitalrelevance

Mitsui & Co. holds 7% stake in the joint venture, benefiting from project approval.

Critical Materials & Supply Chain▲
BHP Group Limited
BHP
▲ PositiveCapitalrelevance

BHP approves $900M investment to develop Ministers North iron ore project, supporting production targets.

Others▲
⛏Iron Ore (Seaborne)
IRONORE
± MixedSupplyrelevance

New iron ore supply of 20 Mtpa from 2029 may pressure prices, but high-grade ore could support demand.