SYDNEY: Rio Tinto has agreed to acquire the Aurukun Bauxite Project in Western Cape York, Queensland, from a joint venture between London-listed Glencore and Mitsubishi Development, a company spokesperson said Tuesday.

Financial terms were not disclosed. The deal remains subject to Queensland government and other Australian regulatory approvals, the spokesperson said.

The acquisition would expand Rio Tinto’s existing bauxite operations in the region. The project is held under a Mineral Development License and has yet to receive a Mining Lease.

In a separate statement, Glencore said the joint venture had invested significant resources over several years to advance the project’s design, development and approvals. After assessing its options, the joint venture concluded that Rio Tinto’s ownership would provide the best opportunity for future development of the resource, given the miner’s existing bauxite operations in the region, Glencore said.

If the acquisition proceeds, Rio Tinto will seek the necessary regulatory approvals and continue discussions with Traditional Owners as it advances plans for the project, the spokesperson said.

Traditional Owners, the Wik Waya people, told The Australian newspaper that they had not been adequately consulted.

Shares of Rio Tinto were down 0.7% at A$176.17 as of 0528 GMT.