The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Rio Tinto has announced plans to take over the Aurukun Bauxite Project in Western Cape York, Queensland, Australia, from a joint venture (JV) of Glencore and Mitsubishi Development.
A company spokesperson told Reuters that the financial terms had not been disclosed, and the transaction remains subject to Government of Queensland and other Australian regulatory approvals.
The asset would extend the bauxite operations Rio Tinto already has in the region, although Aurukun is held under a mineral development licence and has yet to be granted a mining lease.
In a separate statement, Glencore noted that the partnership had channelled substantial resources into Aurukun over a number of years, including design work, development activity and the pursuit of approvals.