Mitsubishi Development has reached agreement with Glencore to acquire a 30 per cent interest in the Aurukun Bauxite Project.

Located 23km north-east of Aurukun on the Cape York Peninsula, the Aurukun Bauxite Project could produce up to 8 million dry tonnes of bauxite over an expected mine life of more than 20 years.

Bauxite is a key ingredient in aluminium, a recyclable and widely used metal in the transport, construction and packaging industries.

Glencore's Project Director Julian Farrugia said the JV partnership with Mitsubishi is a sign of market confidence in the project.

"Since our first involvement with the project, we have been engaging with a range of potential customers and interested parties to support the development of the Aurukun bauxite resource, as we've done for multiple resource projects in Australia over the past 20 years," Mr Farrugia said.

"We were approached by a number of parties interested to participate in the project, and are pleased to have selected Mitsubishi, with whom Glencore has previous experience in joint ventures, to jointly progress this opportunity.

"The involvement of Traditional Owners and the community is vital to the project's future success.

"Our vision is to achieve tangible, long-term benefits for the local community and Traditional Owners that align with their aspirations for their community and their country."

Mitsubishi Development CEO, Sadahiko Haneji said the deal with Glencore was significant because if approved it would generate jobs, benefits and supplier revenue for a regional and remote community.

"For more than 50 years, we have been providing investment Australians can count on," Mr Haneji said.

"The Aurukun Bauxite Project delivers on both of these objectives as we seek to capture growing demand for bauxite.

"We actively seek assets that have the potential to deliver strong social and economic benefits to communities, as well as broader environmental benefits as the world moves to a low-carbon/decarbonized society."

Resources Minister Scott Stewart said the announcement shows strong confidence in the resources sector.

"Keeping the state's resources industry and other industries open has been a key part of Queensland's plan for economic recovery," Mr Stewart said.

"Today's ABS figures show that since the Palaszczuk Government was elected, more than 296,000 jobs had been created and, if approved, this project will help create even more.

"If approved The Aurukun Bauxite Project could pave the way for more resources companies to invest in Queensland mineral projects."

The project would support up to 250 construction jobs over a two-year phase and create about 400 mining jobs when the mine enters production.

Mr Stewart said his department will continue to work with Glencore and Mitsubishi Development as they undergo state government approvals for the project.

"The Palaszczuk government supports the resources sector for the royalties and jobs it generates, particularly in regional Queensland," Mr Stewart said.

"The resource sector continues to support more than 68,000 jobs across our State and represents $49 billion in exports."

The proponents are progressing relevant state and federal government approvals, including the development of an Environmental Impact Statement and agreements with traditional owners.

If approved, the joint venture partners aim to reach a final investment decision on the development of the mine during 2022.