Rio Tinto Agrees to Buy Aurukun Bauxite Mine in Australia from Glencore, Mitsubishi

01:14 AM EDT, 09/08/2026 (MT Newswires) -- Mining giant Rio Tinto Group (RIO.L) said Tuesday it agreed to acquire the Aurukun bauxite mining project in Queensland, Australia, from joint venture partners Glencore (GLEN.L, GLN.JO) and Mitsubishi Development for an undisclosed amount. Commodity trading and mining company Glencore also confirmed the agreement. The project is currently held under a mineral development license, with a mining lease yet to be granted. Completion of the transaction remains subject to approvals from the Queensland government and other Australian regulatory authorities. The proposed mine is expected to produce up to 8 million dry tonnes of washed and screened bauxite annually over a mine life of over 20 years, according to Glencore's website.