Global Trade
February 3, 2026
Rio Tinto, Chalco form JV to purchase Votorantim's interest in CBA in Brazil
Written by Stephanie Ritenbaugh
Rio Tinto and Aluminum Corporation of China Limited (Chalco) have agreed to form a joint venture to acquire Votorantim’s 68.596% interest in Companhia Brasileira de Alumínio (CBA) in Brazil.
Under the terms of the deal, the joint venture will be owned 33% by Rio Tinto and 67% by Chalco.
The transaction is an all-cash consideration of 10.50 Brazilian reais ($2.00) per share in CBA, representing a premium of about 21.2% to the weighted average trading price over the 20 trading days prior to signing. The offer values Votorantim’s stake in CBA at approximately $902.6 million.
CBA operates a vertically integrated, low-carbon aluminum business in Brazil, supported by a 1.6-gigawatt portfolio of renewable power generation assets, including 21 hydropower plants and wind power complexes.
The company primarily serves the domestic market. Its operations include three bauxite mines with a combined production of about 2 million metric tons per year; an aluminum complex in São Paulo with an alumina refinery capacity of 800,000 metric tons per year; a smelter with capacity of about 400,000 metric tons per year; secondary recycling capacity of roughly 300,000 metric tons per year; and downstream processing facilities.
“This acquisition, jointly with Chalco, of Votorantim’s controlling position in CBA’s fully integrated aluminium supply chain in Brazil is aligned with our strategy to deliver value for shareholders by extending our low-carbon, renewable-powered aluminium footprint in rapidly growing markets,” Jérôme Pécresse, chief executive of Rio Tinto Aluminium & Lithium, said in a press release. “It also provides the opportunity to grow our bauxite and alumina supply chain in the Atlantic region.”
Following closing, the joint venture will launch a mandatory tender offer for the remaining CBA shares not held by Votorantim, as required by Brazilian law.
