Mitsubishi and Glencore have reached an agreement to acquire a 30 per cent stake in the Aurukun bauxite project

Japanese multinational group Mitsubishi Corporation announced that it had reached an agreement with Glencore, an Anglo-Swiss multinational commodity trading and mining company, to acquire a 30 per cent stake in the Australian Aurukun bauxite project.

Currently, Glencore is the total owner of the Aurukun bauxite project in Queensland, Australia. This is Mitsubishi's first investment in bauxite mining in addition to Aluminium's existing aluminum smelting and trading operations.

The project is an undeveloped bauxite mine in Queensland, Australia. Glencore is currently evaluating the feasibility of developing the mine, which Mitsubishi believes is a promising asset with competitive resources and production costs. Mitsubishi believes that early development of the mining industry is feasible through joint operations with resources giant Glencore.