Rio Tinto is re-examining a long-standing shareholder constraint that has shaped its capital strategy for more than a decade. Speaking at the miner’s annual investor day, CEO of Rinto Tinto, Simon Trott, confirmed active discussions with its largest shareholder, Aluminium Corporation of China Limited (Chinalco). The goal is to resolve governance limits that restrict Rio Tinto’s ability to conduct share buybacks.
“In terms of the Chinalco shareholding, we’re actively working with Chinalco on solutions to address that constraint and what that might look like,” Trott said. He also added that progress would take time and that “there's nothing concrete at this stage.”
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The talks gain added significance following reports on 24 October 2025 that Rio Tinto is exploring an asset-for-equity swap with Chinalco. Such a move could lower Chinalco’s stake by up to two percentage points, from about 11 per cent to 9 per cent. News sources had earlier noted that any reduction could give Rio greater flexibility to revive buybacks and pursue strategic deals.
Chinalco’s holding in Rio Tinto’s London-listed arm is capped at 14.99 per cent, a limit imposed by Australian authorities in 2008. While well below that ceiling, the current structure still constrains corporate actions.
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