Rio Tinto to acquire Aurukun bauxite asset from Glencore-Mitsubishi Joint Venture
2026-09-09 10:54:32 [Print]
Rio Tinto has reached an agreement to purchase the Aurukun Bauxite Project in Western Cape York, Queensland, from a partnership between Glencore and Mitsubishi Development. The financial terms of the transaction were not disclosed.
The deal is subject to approval from the Queensland government and Australian regulators. Rio Tinto intends to expand its regional bauxite operations through the acquisition, assuming control of the mineral development license currently in place, which does not include a mining lease.
Glencore said that Rio Tinto offers the optimal ownership structure for advancing the resource, given its existing regional infrastructure. Upon completion, Rio Tinto plans to pursue the necessary regulatory clearances and engage with Traditional Owners.
Under the development plans advanced by Glencore and Mitsubishi, the project was expected to produce up to 15 million tonnes per annum (Mtpa) of run-of-mine bauxite ore, equivalent to up to 8 million dry tonnes per annum (Mdtpa) of export-grade bauxite over a mine life exceeding 20 years.
The greenfields project is located 23 km northeast of Aurukun and approximately 35 km south of Weipa. It is currently covered by a mineral development licence, with a mining lease yet to be granted.
The acquisition would expand Rio Tinto's existing bauxite operations in the region. Its Weipa operations are situated about 200 km north of the project and produce over 30 million tonnes of bauxite annually, which is refined into alumina before being processed into aluminum metal.
Glencore held a majority stake in the Aurukun project, while Mitsubishi owned approximately 30%. Glencore has previously stated that it had invested significant resources to advance the project over the years.
The deal is subject to approval from the Queensland government and Australian regulators. Rio Tinto intends to expand its regional bauxite operations through the acquisition, assuming control of the mineral development license currently in place, which does not include a mining lease.
Glencore said that Rio Tinto offers the optimal ownership structure for advancing the resource, given its existing regional infrastructure. Upon completion, Rio Tinto plans to pursue the necessary regulatory clearances and engage with Traditional Owners.
Under the development plans advanced by Glencore and Mitsubishi, the project was expected to produce up to 15 million tonnes per annum (Mtpa) of run-of-mine bauxite ore, equivalent to up to 8 million dry tonnes per annum (Mdtpa) of export-grade bauxite over a mine life exceeding 20 years.
The greenfields project is located 23 km northeast of Aurukun and approximately 35 km south of Weipa. It is currently covered by a mineral development licence, with a mining lease yet to be granted.
The acquisition would expand Rio Tinto's existing bauxite operations in the region. Its Weipa operations are situated about 200 km north of the project and produce over 30 million tonnes of bauxite annually, which is refined into alumina before being processed into aluminum metal.
Glencore held a majority stake in the Aurukun project, while Mitsubishi owned approximately 30%. Glencore has previously stated that it had invested significant resources to advance the project over the years.
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