Itochu plans to triple its equity stakes in overseas iron ore mines
Itochu Corp, Japan`s fourth-biggest trading house, said it planned to triple its equity stakes in overseas iron ore mines to 30Mt/y by 2015 as it sees tightening demand.
Major miner Rio Tinto Ltd has acquired three iron ore vessels for US$315 million, as the company looks to increase its annual production profile to 600 million tonnes.