FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
CONCLUSION OF AN AGREEMENT WITH PARTICIPATION IN THE PROJECT OF THE DEVELOPMENT
OF NICKEL MINE AND BUILDING A PROCESSING PLANT IN NEW CALEDONIA
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 11, 2005
Commission File Number 09929
MITSUI & CO., LTD.
(Translation of registrant's name into English)
2-1, OHTEMACHI 1-CHOME CHIYODA-KU, TOKYO 100-0004 JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F __X__ Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
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Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes___ No __X__
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- _______
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: April 11, 2005
MITSUI & CO., LTD.
By: /s/ Kazuya Imai
---------------------------------------
Name: Kazuya Imai
Title: Senior Executive Managing Officer
Chief Financial Officer
April 11, 2005
Mitsui & Co., Ltd
For Immediate Release
To whom it may concern
CONCLUSION OF AN AGREEMENT WITH PARTICIPATION IN THE PROJECT OF THE DEVELOPMENT
OF NICKEL MINE AND BUILDING A PROCESSING PLANT IN NEW CALEDONIA
Sumitomo Metal Mining Co., Ltd. (Sumitomo) and Mitsui & Co., Ltd. (Mitsui)
(Sumitomo and Mitsui, collectively referred to as the "Japanese Consortium")
jointly announced on April 8 (French time) that they have concluded an agreement
with participation in the Goro Nickel Development Project ("Goro Nickel
Project", total project cost: approximately US$1.88 billion), which is being
promoted by Inco Limited (Inco) in New Caledonia.
The Japanese Consortium had been negotiating with Inco on the details of terms
and conditions since a Memorandum of Understanding (MOU) was signed in October,
2004.
The Japanese Consortium has formed a new company, 'Sumic Nickel Netherlands
b.v.(SUMIC)', in Netherlands, (Sumitomo:52.38%, Mitsui:47.62%) for the purpose
of investing in Goro Nickel Project.
The Japanese Consortium participated in the Goro Nickel Project by acquiring
an ownership interest of Goro Nickel S.A., the project company for the Goro
Nickel Project, through SUMIC who acquired a 21% ownership interest of Goro
Nickel S.A. SUMIC is also required to provide its pro-rate share of the funding
required to complete the project.
As a result of this acquisition, the Japanese Consortium will have the right
to purchase its pro-rate share of nickel and cobalt products.
The Goro Nickel Project is a large-scale project that will use a
hydrometallurgical process technology ("HPAL Project") which has received a
great deal of industry attention. The Goro Nickel Project is expected to have a
very extensive nickel resource and its operations are currently scheduled to
continue a very long period of time. The Goro Nickel Project will produce about
60,000 metric tonnes of nickel as nickel oxide and between 4,000 and 5,000
metric tonnes of cobalt as cobalt carbonate with mining and treating about 4
million tonnes of ore per year in and after the autumn in 2007 when the
processing plant construction have been completed.
Sumitomo disclosed in its mid-term business plan that it regards resource and
metal business as its core business. In order to achieve its goal of being a
major player in non-ferrous business within ten years, Sumitomo is making a
consistent effort to acquire valuable nickel business resources, such as the
Coral Bay Nickel Project, Philippines (Mitsui's ownership interest 18%), which
produces nickel-cobalt mixed sulfide at its refinery. Sumitomo believes that the
foundation of Sumitomo's nickel business will be strengthened by its
participation in the Goro Nickel Project.
Investment in mineral resources business is one of the core strategies in
Mitsui's medium term business plan ending March 2006. Mitsui believes that
participation in the Goro Nickel Project will contribute to the diversification
of its portfolio in mineral resources business and the reinforcement of the
basis for future earnings.
Growth of world nickel demand is expected to remain stable due to the growth of
IT industry and stainless steel in Asia, particularly China, and there is an
urgent need to cope with such growth. Both Sumitomo and Mitsui believe that the
participation in the Goro Nickel Project will strengthen the foundation of the
nickel supply framework, not only to the domestic market, but also to foreign
countries, centered around South East Asia. Sumitomo will make an effort to
secure the stable resource and to reinforce the ability of refining, and Mitsui
will focus on building up nickel supply system on Asia market in which nickel
demand is expected to show a stable growth. The Japanese Consortium will
endeavor to expand and enforce mineral resources business continuously.
FOR FURTHER INFORMATION, PLEASE CONTACT
MITSUI & CO., LTD.
Corporate Communications Division
Tel: +81-3-3285-7564
Investor Relations Division
Tel: +81-3-3285-7910