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Mitsubishi to buy 30% stake in Australia's Aurukun bauxite project

Published 18/03/2021, 05:15 pm
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TOKYO, March 18 (Reuters) - Japanese trading house Mitsubishi Corp 8058.T said on Thursday it has agreed to buy a 30% stake in the Aurukun bauxite project in Australia from mining giant Glencore Plc GLEN.L for an undisclosed sum.

The deal marks Mitsubishi's first investment in the mining of bauxite, a raw material of aluminium, the trading company said in a statement.

The project is an undeveloped bauxite mine in Queensland, with Glencore assessing the feasibility of developing the mine.

Mitsubishi aims to reach a final investment decision on mine development during 2022, utilising its expertise in the mining business in Australia and working with Glencore to conclude the feasibility studies.

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