Mitsubishi’s marks the first investment in Bauxite mining, inks agreement with Glencore to acquire a 30% stake in the Aurukun Project

The Japanese multinational conglomerate, Mitsubishi Corporation has announced that it has reached an agreement with Anglo-Swiss multinational commodity trading and mining company Glencore Plc to acquire a 30% stake in the Aurukun Bauxite Project in Australia.

Presently,   Glencore is the whole owner of the Aurukun Bauxite Project in Queensland, Australia. This marks the first investment from Mitsubishi in regards to bauxite mining, in addition to the global giant’s existing aluminium smelting and trading operations.

Mitsubishi conducts business through investment and development of resources such as iron ore and aluminium, in addition to its core operations in metallurgical coal and copper, aspiring to improve global outcomes by contributing to the transition to a low-carbon/decarbonized society, and to create new values through digital transformation (DX).

The Project is an undeveloped bauxite mine in Queensland, Australia. Glencore is currently assessing the feasibility of developing the mine and Mitsubishi believes that this is a promising asset with competitive resource volume and production costs. Mitsubishi prospects, that the early stage of mining development is feasible through joint operations with resources giant Glencore.

Mitsubishi Development Pty Ltd., headquartered in Australia, a wholly-owned subsidiary of Mitsubishi Corporation, will hold a 30% stake in the asset, subject to the satisfactory regulatory process, including the approval from the Queensland Government.

Mitsubishi Development Pty aims to reach a final investment decision on the development of the mine during 2022, following its utilization in expertise in the mining business in Australia and working together with Glencore to conclude the feasibility studies