Chalco, Rio Tinto to Buy Controlling Stake in Brazil’s CBA for $886 Million
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A CBA production facility.
China’s Aluminum Corporation of China Ltd. (Chalco) and Rio Tinto Group will jointly acquire a controlling stake in Companhia Brasileira de Alumínio (CBA) from Votorantim Group for 4.69 billion Brazilian reais ($886 million), securing low-carbon production amid a surge in metal prices.
The acquisition will be made through a joint venture, with Chalco holding 67% and Rio Tinto 33%. The deal deepens the strategic ties between China’s state-owned Chalco and the global mining giant as both expand in Latin America.
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- Chalco and Rio Tinto will acquire a 68.6% stake in Brazil’s Companhia Brasileira de Alumínio (CBA) for 4.69 billion reais ($886 million), with Chalco holding 67% and Rio Tinto 33%.
- The deal secures low-carbon aluminum supply as prices surge; CBA powers operations with renewable energy and produced 364,500 tons of aluminum in 2024, over one-third of Brazil's output.
- Regulatory approvals are mostly secured; partners may take CBA private after final clearances.
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Who’s Who
- Aluminum Corporation of China Ltd.
- China's Aluminum Corporation of China Ltd. (Chalco) is acquiring a controlling stake in Brazil's Companhia Brasileira de Alumínio (CBA) with Rio Tinto. This $886 million deal secures low-carbon production. Chalco will hold 67% of the joint venture, making CBA a subsidiary. This move optimizes Chalco's global operations and strengthens ESG standards.
- Rio Tinto Group
- Rio Tinto Group, a global mining giant, is partnering with China's Aluminum Corporation of China Ltd. (Chalco) to acquire a controlling stake in Companhia Brasileira de Alumínio (CBA) for $886 million. This joint venture will see Rio Tinto hold 33% of the stake. This move aims to expand Rio Tinto's low-carbon aluminum production and strengthen its Atlantic supply chain. Notably, Chalco's parent company is Rio Tinto's largest single shareholder.
- Companhia Brasileira de Alumínio
- Companhia Brasileira de Alumínio (CBA) is Brazil's only fully integrated aluminum producer, from bauxite mining to processing. Founded in 1941, it powers its operations entirely with renewable energy. In 2024, it produced 720,000 tons of alumina and 364,500 tons of liquid aluminum, holding over one-third of Brazil’s primary aluminum market. In 2025, it was acquired by a joint venture between Chalco and Rio Tinto.
- Votorantim Group
- Votorantim Group is selling a controlling stake in Companhia Brasileira de Alumínio (CBA) to a joint venture between Chalco and Rio Tinto for 4.69 billion Brazilian reais ($886 million). This move aims to secure low-carbon production amidst rising metal prices and deepen strategic ties in Latin America.
- Aluminum Corporation of China
- Aluminum Corporation of China (Chalco) is partnering with Rio Tinto Group to acquire a controlling stake in Companhia Brasileira de Alumínio (CBA) for $886 million. This deal strategically deepens ties between China's state-owned Chalco and Rio Tinto, expanding their presence in Latin America and securing low-carbon aluminum production. Chalco will hold a 67% share in the joint venture, making CBA a subsidiary of Chalco after the acquisition.
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What Happened When
- 1941：
- Companhia Brasileira de Alumínio (CBA) was founded.
- 2021：
- CBA was listed on the Brazilian stock exchange.
- 2024：
- CBA produced 720,000 tons of alumina and 364,500 tons of liquid aluminum.
- 2024：
- CBA posted a net loss of 73 million reais on 8.17 billion reais in revenue.
- For the first three quarters of 2025：
- CBA reported revenue of 6.6 billion reais and a net profit of 393 million reais.
- April 2025：
- Three-month aluminum futures on the London Metal Exchange were at $2,300 per ton.
- By September 2025：
- CBA's total assets stood at 13.88 billion reais.
- January 29, 2026：
- Three-month aluminum futures reached a record $3,356 per ton.
- As of Friday, January 30, 2026：
- Aluminum prices were at $3,181.5 per ton.
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