Mitsubishi Corp has handed over the full ownership of an iron ore expansion and rail and port infrastructure project in Western Australia to China’s state-owned Sinosteel that has been slated to cost A$10-billion ($6.86-billion) to develop, the Japanese conglomerate said on Monday.
The Japanese trading house divested all of subsidiary Crosslands Resources shares to Sinosteel unit Sinosteel Ocean Capital for an undisclosed sum, according to a statement from Mitsubishi. The shares were transferred on Friday, according to the statement.