AUSTRALIA’S most successful mining company is making a fresh move to diversify its business by expanding its mining operations overseas.
The Australian Minerals Council said it had purchased an interest in the US company Bauxite Group for $500 million.
The announcement comes after the US-listed company, which produces iron ore and coal, reported a record year in the third quarter.
Bauxite was acquired by US firm BHP Billiton last year.
It’s a major development for the company, with more than $1 billion in revenue last year and more than 4,000 staff.
“The Australian industry is increasingly focused on its global footprint,” AMC president Richard Jones said.
“Bauxites is one of the companies that we are working closely with in terms of their operations overseas.”
The company is now operating from two facilities in the United States.
Bauxite mines in California and Utah are being built in a bid to boost its exports to China, India and Brazil.
The group’s chief executive, Mike Meehan, said the deal was a “significant milestone” in the company’s development.
“We have made tremendous progress in our strategy, which is to focus on global expansion,” he said.