Rio Tinto agreed to acquire the Aurukun Bauxite Project in Queensland, Australia, from a joint venture between Glencore and Mitsubishi Development. The companies did not disclose the financial terms of the deal.
The acquisition expands Rio Tinto's bauxite footprint in the Cape York region. The project sits near the company's existing Weipa mines to leverage potential operational synergies.
The Aurukun project currently operates under a mineral development license and has not yet secured a mining lease. The transaction requires final approval from the Queensland government and other Australian regulators.