Mar 18, 2021 17:10 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation Enters Agreement to Acquire Interest in Aurukun Bauxite Project

TOKYO, Mar 18, 2021 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce it has reached an agreement with Glencore Plc (Glencore, head office located in Switzerland) to acquire a 30% interest in the Aurukun Bauxite Project in Australia currently wholly owned by Glencore.

 


In addition to MC's existing aluminum smelting and trading operations, this acquisition marks MCʼs first investment in the mining of bauxite, a raw material of aluminum.

MC's mineral resources group conducts business through investment and development of resources such as iron ore and aluminum, in addition to its core operations in metallurgical coal and copper, aspiring to improve global outcomes by contributing to the transition to a low-carbon/decarbonized society, and to create new values through digital transformation (DX). With its unique lightweight properties and ability to be endlessly recycled, aluminum plays an important role in reducing greenhouse gas emissions, of which a particular case is when it is used to manufacture electrical vehicles where the lightness of material is integral. As the metal commonly used in construction such as sashes, walls, and roofing materials, and also as a lightweight material for automobiles to increase fuel efficiency, the global demand for aluminum has nearly doubled over the past ten years and is expected to continue to rise in the mid to long term.

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. MC's 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 (MDP, head office located in Australia), a wholly owned subsidiary of MC, 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.

Through the acquisition and development of the Project together with other business activities, MC will continuously secure competitive assets that contribute to a stable, global supply of a resource, and also to strive for sustainable growth by simultaneously generating economic, societal, and environmental values.

Source: Mitsubishi Corporation
Sectors: Engineering

Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


MC and unerry Enter into Capital and Business Alliance
April 22 2021 13:24 JST
 
Chubu Miraiz and MC Launch New Assisted-Living JV
April 01 2021 17:55 JST
 
MC and NTT to Establish DX Joint Venture
March 23 2021 09:51 JST
 
Signing of Agreement to Transfer Shares of MUL and HCC to MC
March 19 2021 16:07 JST
 
Signing of Memorandum of Understanding regarding CCS Joint Study for Clean Fuel Ammonia Production in Indonesia
March 19 2021 15:39 JST
 
Chubu Miraiz and MC to Launch New Assisted-Living JV
February 24 2021 13:12 JST
 
Mitsubishi Corporation: Commercial Operations Commence at Methanol / Dimethyl Ether Plant in Trinidad and Tobago
January 19 2021 09:25 JST
 
Vietnam Pilot Project Utilizing TradeWaltz Platform Adopted Under Government's Supply-Chain Diversification Scheme
December 24 2020 16:01 JST
 
MC Signs Rolling Stock Contracts with Myanma Railways
December 08 2020 15:01 JST
 
Mitsubishi Corporation Signs Contract with Egyptian Government for Phase 1 of Cairo Metro Line 4
November 24 2020 13:15 JST
 
More Press release >>

Latest Press Release


More Latest Release >>