Mining giant Rio Tinto has agreed to acquire the Aurukun Bauxite Project in far north Queensland from a joint venture between London-listed Glencore and Mitsubishi ‌Development.

Glencore said the joint venture had invested significant resources over years to advance the project’s design, ⁠development and approvals.

But after ​assessing its options, the joint venture concluded Rio’s ownership ​would provide the ‌”best opportunity for future development of the resource, given ​the miner’s existing bauxite operations in the region”.

The deal would expand Rio’s existing bauxite operations in the ‌region, though ‌the project ⁠is still held under a Mineral Development ​Licence and has yet to receive a Mining Lease.

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While financial terms for the project in Cape York were “undisclosed”, according to a Rio Tinto spokesperson.

The deal also remains subject to Queensland government and other Australian regulatory approvals, the spokesperson said.

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

Former Aurukun mayor and traditional owner Keri Tamwoy told the publication the “deal was a shock”.

“Imagine opening an email and finding out your country has been sold to another mining giant,” Tamwoy said.

“They have taken us for a ride for almost 15 years, on a road to nowhere, and now kicked us out of the car.”

However, when asked by InDaily, a Rio Tinto spokesperson said: “If the acquisition proceeds, Rio Tinto would also assess the appropriate regulatory approvals pathway, in consultation with State and Commonwealth agencies, and work closely with Traditional Owners throughout the next stages of planning and development.”

-with AAP