Mitsubishi to buy 30% stake in Australia's Aurukun bauxite project

Japanese trading house Mitsubishi Corp said on Thursday it has agreed to buy a 30% stake in the Aurukun bauxite project in Australia from mining giant Glencore Plc 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.