Rio Tinto and the Aluminum Corporation of China (Chinalco) have successfully cleared the final legal hurdle to acquire a controlling stake in Companhia Brasileira de Aluminio (CBA) following approval from Brazil’s antitrust watchdog, CADE. This decision, announced on Wednesday, enables the companies to proceed with their $910 million (4.69 billion reais) acquisition of the stake from Grupo Votorantim.
The joint venture will be managed by Chinalco (67%) and Rio Tinto (33%). CBA operates a low-carbon aluminum production chain and produced 0.36 million tonnes of aluminum in 2024, with a market capitalization of approximately $1.29 billion as of Wednesday, reflecting a doubling of share value in the past year.
This acquisition enhances Rio Tinto’s presence in the low-carbon aluminum market, building on its existing operations in Canada, where it produced 3.38 million tonnes last year.
