Japanese business daily Nikkei reported that Mitsubishi Corp said it plans to invite Chinese and South Korean steelmakers to participate in developing the Jack Hills iron ore mine in Australia after its joint venture partner decided to withdraw.

The newspaper said that the trading house will buy out Murchison Metals Ltd's stake in the mine development company as well as in related railroad and port infrastructure firm for about JPY 25 billion (USD 322 million) by March.

The report said that Mitsubishi will scout for a partner for up to 18 months among Chinese resource firms and steelmakers in China, South Korea, India and Japan.

It added that about JPY 1 trillion will be needed to develop the mine and the production will start in 2016 at the earliest.

(Sourced from Nikkei and Reuters)