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Thursday, 18 March 2021, 16:10 HKT/SGT

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.

Topic: Press release summary
Source: Mitsubishi Corporation

Sectors: Engineering
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