Iron Ore Company of CanadaThin moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi's Canadian iron ore stake lost money last year, and its resource trading earned more than twice as much.

Mitsubishi's iron ore interest is small beside its coal and copper. It holds 26.2% of Iron Ore Company of Canada, which contributed ¥12.7 billion in the year to March 2025 and a loss of ¥2.4 billion in the year to March 20261. The company's sensitivity is about ¥0.74 billion per dollar a tonne of iron ore2.

Mineral Resources, selected lines (¥ bn, years to March)12.7IOC 2025-2.4IOC 202621.4Trading 202539.5Trading 2026Mitsubishi Corporation results presentation, May 2026
The iron ore mine lost money while the trading business nearly doubled.

The trading side of the mineral business did better. Its resource trading arm contributed ¥39.5 billion, up from ¥21.4 billion3, and dividends from Antamina, the Peruvian copper and zinc mine in which it holds 10%, rose from ¥14.8 billion to ¥23.0 billion4.

The Mineral Resources segment as a whole earned ¥204.5 billion, down from ¥227.8 billion5, with copper up and coal and iron ore down.

Iron ore is a small exposure in Mitsubishi's portfolio. Its sensitivity is about ¥0.74 billion per dollar a tonne6, against about ¥2.6 billion per $100 a tonne of copper7. The company's forecast assumes iron ore at $105 a tonne for the current year, against $102 in the latest year8.

The measure is IOC's return to profit. A second loss year would make it a candidate for the capital recycling the company practises elsewhere.

Moat trajectory: Narrowing

IOC turned from a ¥12.7 billion profit to a ¥2.4 billion loss.

The number that tests this moat
Reported
Iron Ore Company of Canada net income
loss of ¥2.4bn against profit of ¥12.7bn

A 26.2% stake in a mine that lost money; a second loss year would argue for selling.

Source: Mitsubishi Corporation results presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Trading Profits Are Volatile
Mitsubishi's resource trading had an unusually good year, and the company's own forecast assumes it will not repeat.
References
  1. ReportedIt holds 26.2% of Iron Ore Company of Canada, which contributed ¥12.7 billion in the year to March 2025 and a loss of ¥2.4 billion in the year to March 2026.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedThe company's sensitivity is about ¥0.74 billion per dollar a tonne of iron ore.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIts resource trading arm contributed ¥39.5 billion, up from ¥21.4 billion, and dividends from Antamina, the Peruvian copper and zinc mine in which it holds 10%, rose from ¥14.8 billion to ¥23.0 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedIts resource trading arm contributed ¥39.5 billion, up from ¥21.4 billion, and dividends from Antamina, the Peruvian copper and zinc mine in which it holds 10%, rose from ¥14.8 billion to ¥23.0 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe Mineral Resources segment as a whole earned ¥204.5 billion, down from ¥227.8 billion, with copper up and coal and iron ore down.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedIts sensitivity is about ¥0.74 billion per dollar a tonne, against about ¥2.6 billion per $100 a tonne of copper.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedIts sensitivity is about ¥0.74 billion per dollar a tonne, against about ¥2.6 billion per $100 a tonne of copper.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the risk disclosures: commodity and currency sensitivities, floating-rate debt, marketable securities and the Middle East. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedThe company's forecast assumes iron ore at $105 a tonne for the current year, against $102 in the latest year.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026