Market Chatter: Rio Tinto to Acquire Aurukun Bauxite Project From Glencore

04:10 AM EDT, 09/08/2026 (MT Newswires) -- Rio Tinto (RIO) agreed to acquire the Aurukun Bauxite Project in Queensland from a joint venture between Glencore and Mitsubishi Development, Reuters reported Tuesday. The project would expand Rio Tinto's existing bauxite operations in the region, but the Aurukun project remains under a Mineral Development License and has yet to receive a mining lease, Reuters reported, adding that Rio plans to continue regulatory work and discussions with Traditional Owners if the deal closes. The report said the deal requires approval from the Queensland government and other Australian regulators. Financial terms were not disclosed. Shares of Rio Tinto were down 0.5% in Tuesday premarket trading. Rio Tinto did not immediately respond to MT Newswires' request for comment. (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.)