According to the company’s press release, Mitsubishi Corporation (MC) has reached an agreement with Glencore Plc (Glencore, head office located in Switzerland) to acquire a 30% interest in the Aurukun Bauxite Project in Queensland Australia currently wholly owned by Glencore.
In addition to MCʼs existing aluminum smelting and trading operations, this acquisition marks MCʼs first investment in the mining of bauxite, a raw material of aluminum.
The Project is an undeveloped bauxite mine located in Queensland, Australia. Glencore is currently assessing the feasibility of developing the mine, and MC believes that this is a promising asset with competitive resource volume and production costs. MCʼs view is that early stage development of the mine is feasible through joint operations with resources major Glencore.
Subject to the satisfactory regulatory process, including the approval from the Queensland Government, Mitsubishi Development Pty Ltd will hold a 30% interest in the asset.
By utilising its expertise in the mining business in Australia, and working together with Glencore to conclude the feasibility studies, MDP will aim to reach a final investment decision on development of the mine during 2022.
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