ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
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 ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Release
JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan
Apr 26, 2024 10:00 JST
Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024
Apr 25, 2024 18:21 JST
MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park
Apr 25, 2024 17:45 JST
GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series
Apr 25, 2024 16:50 JST
Toyota Exhibiting at Beijing Motor Show 2024
Apr 25, 2024 16:25 JST
Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada
Apr 25, 2024 11:10 JST
UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh
Apr 25, 2024 09:00 JST
Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date
Apr 24, 2024 17:19 JST
MC and Denka Sign J/V Agreement in Fullerene Business
Apr 24, 2024 17:02 JST
Mitsubishi Motors Posts Record Sales in the Philippines in FY2023
Apr 24, 2024 13:56 JST
NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance
Apr 24, 2024 13:25 JST
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
More Latest Release >>
Related Release
MC and Denka Sign J/V Agreement in Fullerene Business
4/24/2024 5:02:00 PM JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
4/16/2024 2:36:00 PM JST
Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
4/11/2024 1:07:00 PM JST
Mitsubishi Corporation: Sale of BMA Coal Assets in Queensland Completed
4/3/2024 7:05:00 PM JST
Fujitsu signs MoU with Mitsubishi UFJ Financial Group, Inc. to drive nature positive actions
4/1/2024 4:17:00 PM JST
Mitsubishi Corporation and 7 large international companies join forces to sponsor the creation of a global e-NG coalition
3/19/2024 4:40:00 PM JST
Nissan and Mitsubishi Corporation agree to explore new business in next-generation-mobility and energy-related services utilizing EVs
3/18/2024 5:29:00 PM JST
Mitsubishi Corp to invest in TIER IV: Transforming regional mobility with autonomous driving
3/15/2024 12:36:00 PM JST
Mitsubishi Corporation: Participation in PAK Lithium Project in Canada
3/5/2024 4:57:00 PM JST
Mitsubishi Corporation Expands its Data Center Presence with Entry into US
3/4/2024 3:27:00 PM JST
More Press release >>