Rio Tinto to acquire Aurukun bauxite project from Glencore, Mitsubishi Development

Rio Tinto agreed to acquire the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development. The deal, pending regulatory approvals, will expand Rio Tinto's resource base as it phases out production at other Australian mines. The project is near Rio Tinto's existing bauxite operations and holds a mineral development licence but lacks a mining lease.

Rio Tinto agreed to acquire the Aurukun Bauxite Project in Queensland from Glencore and Mitsubishi Development. The deal, pending regulatory approvals, will expand Rio's bauxite operations in the region. Financial terms were not disclosed.

Rio Tinto agreed to buy the Aurukun bauxite project in Australia from Glencore and Mitsubishi. The deal, pending regulatory approvals, is for an undisclosed price. Aurukun is near Rio Tinto's existing bauxite mines and could help offset planned closures at Gove and East Weipa.

China's state-backed iron ore buyer, CMRG, has paused some Rio Tinto (RIO) purchases as contract talks reach a critical stage. CMRG advised mills to avoid discussions with Rio for now. China accounted for 60% of Rio's revenue last year. Separately, Rio agreed to acquire the Aurukun bauxite project, pending approvals.

Rio Tinto agreed to acquire the Aurukun Bauxite Project in Queensland from Glencore and Mitsubishi. Financial terms were not disclosed, and the deal is subject to regulatory approvals. The project is currently under a Mineral Development License. Glencore stated that Rio's ownership would benefit the project's future development. Traditional Owners expressed concerns about consultation. Rio's shares were down 0.7% at A$176.17 as of 0528 GMT.

Rio Tinto agreed to buy the Aurukun bauxite project in Australia from Glencore and Mitsubishi, subject to regulatory approvals. The project is near Rio Tinto's existing operations and could support future aluminum production. The price was not disclosed, and the project lacks a mining lease. Glencore confirmed the deal, stating Rio Tinto's involvement offers the best development opportunity.