PRESS: Rio Tinto to acquire bauxite mine from Glencore, Mitsubishi
Rio Tinto PLC and Ltd has agreed to acquire the Aurukun bauxite project in Australia from Glencore PLC and Mitsubishi Development Pty Ltd, Bloomberg reported Tuesday.
The Bloomberg report cited a statement from Rio Tinto, a London-based diversified miner.
The Aurukun bauxite mine is located on the west coast of Cape York, Queensland and is situated near existing Rio Tinto bauxite mines.
Until now the project has been a joint venture between Baar, Switzerland-based miner Glencore and MDP Bauxite, a subsidiary of Brisbane, Australia-based resources investor Mitsubishi Development.
Mitsubishi Development is itself a wholly-owned subsidiary of Tokyo-based trading company Mitsubishi Corp.
"The acquisition is for an undisclosed price and remains subject to relevant Queensland Government and other Australian regulatory approvals," the statement cited by Bloomberg said.
Aurukun is currently held under a mineral development license and still awaits a mining lease.
Shares in Rio Tinto were trading 0.9% lower at AUD175.71 each in Sydney on Tuesday, while Glencore shares closed down 0.5% at 598.88 each in London on Monday.
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