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Market Chatter: Rio Tinto Group to Acquire Queensland Bauxite Project

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Rio Tinto Group (ASX:RIO) is set to acquire the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development, Bloomberg News reported on Tuesday.

Rio Tinto confirmed it agreed to acquire the project, adding that the acquisition is for an undisclosed price and remains subject to relevant Queensland government and other Australian regulatory approvals, according to a statement from the mining firm to.

The project is currently held under a mineral development license with a mining lease yet to be granted, the firm added.

Meanwhile, Glencore also confirmed the sale in an email to.

Mitsubishi Development has not yet responded to an email request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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