Unpacking a $20b undeveloped mine deal

Two big stories dominated our focus today: Mitsui’s Rhodes Ridge deal + the De Beers write down by Anglo.

We had to unpack the truly enormous swing the Japanese trading house has taken at an iron ore project only forecasted to come online in 2030, and similarly we couldn’t miss a chance to chat about the decline in fortunes of one of the 20th centuries most profitable businesses. 

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(0:00:00)Introduction

(0:01:36)Mitsui swing big for Rhodes Ridge

(0:10:44)Why have Mitsui made this bet

(0:22:17)The iron ore outlook

(0:28:00)Lessons from De Beers decline