Mitsubishi to join Glencore in Australia bauxite venture

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.