Sojitz Corp Plans New Acquisition in Iron Ore Mines

Sojitz Corporation’s steel department plans to acquire equities in new iron ore mines along its mid-term management plan “Shine 2011.” The firm now holds an equity in an iron ore mine of Grange, Australia. Sojitz aims to expand iron ore mine equity to 5 million tonnes until 2011. The firm invests 20-30 billion yen in South America or Australia for 2010-2011. The firm expects to gain 10 billion yen annual profit from new iron ore mines in next 4-5 years.

Sojitz’ energy and metal department plans to acquire new equities for uranium, copper and iron ore. The firm will start iron ore shipment during 2013-2014 through Grange project in Australia. The firm plans to construct a pellet plant in Malaysia. The firm aims to ensure iron ore rights in South America, Australia, Vietnam, Indonesia and Malaysia.

Sojitz’ energy and metal department reviewed its recurring profit forecast down to 14 billion yen from 18 billion yen for fiscal 2009 ending in March 2010.