Aluminium Corporation of China (Chinalco) and Rio Tinto have agreed to buy a 68.6% controlling interest in Companhia Brasileira de Alumínio (CBA) for R$4.69 billion. The partners purchased 446.6 million shares at R$10.50 each from Votorantim.

The transaction establishes a joint venture, with Chinalco holding 67% and Rio Tinto 33%. Following the acquisition, the firms will initiate a mandatory tender offer for CBA’s remaining shares, which potentially leads to the producer’s delisting from the São Paulo exchange.

CBA, a Brazilian company operating a low-carbon integrated aluminum production chain spanning bauxite mining, refining, and smelting. This investment meets Rio Tinto’s strategy favoring low-carbon aluminum amidst the global energy transition.