From the announcement:
Opera today announced its popular mobile browser, Opera Mini has been approved for iPhone and iPod touch on the App Store. Opera Mini will be available as a free download within 24 hours, depending on market.
Opera Mini, with more than 50 million users worldwide, enables fast mobile Web browsing by compressing data by up to 90 percent before sending content to the device, resulting in significantly improved page loading. Users of the app will notice an uptake in speed, especially on slower networks such as the 2G Edge network. Surfing the Web with the Opera Mini App on iPhone and iPod touch will also help users save money because of its data compression capabilities. This will hold especially true while the user is incurring roaming charges.
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