Mitsui signs MOU with Tiwi people of Australia's Northern Territory that gives company exclusive rights to market hardwood woodchips produced from 30,000 hectares of Acacia mangium tree plantations; resource good for pulping, close to Asian markets

Audrey Dixon

TOKYO , March 11, 2014 (press release) – On February 10, 2014, Mitsui & Co., Ltd. sent a delegation of managers to the Tiwi Islands in Northern Territory, Australia to sign a MOU for the marketing of woodchips from the Tiwi Islands. Mr. Yasushi Takahashi, Managing Director (MD) and Chairman of Mitsui & Co. (Australia) Ltd. and Mr. Makoto Tatara, MD of Mitsui Bussan Woodchip Oceania Pty. Ltd. (MWO) travelled to the Tiwi Islands to sign the MOU and to inspect Port Melville, currently under construction.

The MOU gives Mitsui exclusive rights to market the hardwood woodchips produced from the 30,000ha of Acacia mangium tree plantations currently growing on the Tiwi Islands. This project adds a new species and supply source to MWO's current supply basket. The resource shows good pulping characteristics and is positioned in close proximity to Asian markets.

The Chief Minister of the Northern Territory, the Honorable Adam Giles, attended the ceremony where he gave a speech in support of the project. Various media outlets attended the ceremony and Mitsui received positive public relations exposure on television and online media. Tiwi representatives performed a traditional dance for Mitsui to show their appreciation for Mitsui's commitment to marketing their woodchips. Mitsui presented a daruma doll and joined with Tiwi representatives to paint one eye in accordance with a Japanese tradition which symbolizes the need for ongoing diligence to make the project a success.

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