Rio Tinto reached an agreement to purchase the Aurukun Bauxite Project located in Western Cape York, Queensland, from a partnership between Glencore and Mitsubishi Development, with financial terms undisclosed.

The transaction requires approval from the Queensland government and Australian regulators. Rio Tinto intends to expand its regional bauxite operations through the acquisition, assuming the mineral development license currently held without a mining lease.

Glencore said that Rio Tinto provides the optimal ownership structure for resource development due to existing regional infrastructure. Upon completion, Rio Tinto plans to pursue required regulatory clearances and engage with Traditional Owners.