Rio Tinto to buy Glencore bauxite project

RIO Tinto has agreed to buy the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development for an undisclosed sum, Bloomberg reported.

The project is close to Rio Tinto’s existing bauxite mines on western Cape York and would add to its resource base as production winds down at some of its other Australian operations.

Aurukun is held under a mineral development licence and has yet to secure a mining lease.

The deal remains subject to Queensland government and other Australian regulatory approvals, Rio Tinto said.

Bauxite from Rio Tinto’s existing mines is refined into alumina before being sent to smelters to produce aluminium.

The acquisition comes as Rio Tinto prepares to end mining at its Gove bauxite operation in Australia’s Northern Territory by the end of the decade.

The group also shut its East Weipa bauxite mine in Queensland in 2024.

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