Rio Tinto to acquire Aurukun bauxite project from Glencore and Mitsubishi

Rio Tinto has agreed to acquire the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development. The deal aims to expand the company’s critical minerals portfolio in the Western Cape York region.

Financial terms for the acquisition have not been disclosed. The transaction remains subject to regulatory approvals from the Queensland government and other Australian authorities. While the project currently operates under a mineral development licence and has not yet received a mining lease, it is located approximately 200km north of Rio Tinto’s existing Weipa operations.

This acquisition comes as Rio Tinto reshapes its Australian bauxite portfolio. The company plans to decommission its Gove bauxite mine in the Northern Territory by the end of the decade, and production at its East Weipa site in Queensland has ceased as of 2024. Glencore stated that Rio Tinto’s ownership would provide a better opportunity for the project’s future development.