Rio Tinto-Chinalco wins CADE approval for controlling stake in CBA, opportunity to expand low-carbon aluminium for Rio

Brazil's antitrust authority CADE has approved the joint acquisition of Companhia Brasileira de Aluminio (CBA) by Rio Tinto and Aluminum Corporation of China, also known as Chinalco, clearing the final regulatory hurdle on March 11, 2026.

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This latest approval removes the last regulatory barrier to the deal signed between mining giants in January, agreeing to acquire a controlling stake from Grupo Votorantim for 4.69 billion reais (USD 910 million), alongside a tender offer for the remaining CBA shares.

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The investment will be managed through a joint venture — 67 per cent held by a Chinalco subsidiary and 33 per cent by Rio Tinto. Notably, Chinalco already owns a 14.55 per cent stake in Rio Tinto.

The partial acquisition of CBA, which is a fully integrated, low-carbon aluminium producer, will strengthen Rio Tinto’s green aluminium portfolio. CBA’s operations span bauxite mining, alumina refining and aluminium smelting. The company powers its smelting network through 23 owned hydroelectric plants and multiple wind farms across Brazil, producing 0.36 million tonnes of aluminium in 2024.

Following the news, CBA’s shares have more than doubled over the past 12 months, pushing its market capitalisation to approximately R$6.7 billion (USD 1.29 billion).

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