巴西CBA铝业争夺战：中铝与EGA的全球铝土矿资源战略博弈

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

巴西CBA铝业争夺战：中铝与EGA的全球铝土矿资源战略博弈

2025-10-10 16:10:20 来源：北方有色网责任编辑：王欣悦

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巴西铝业巨头CBA的出售进程聚焦于中国铝业(Chinalco)与阿联酋环球铝业(EGA)的角逐，核心标的为巴西北部隆多尼亚铝土矿项目，叠加下游冶炼产能配套需额外投入25亿美元，若全控公司总投入或达37.5亿美元(矿权收购约12.5亿美元)。当前CBA市值26.5亿雷亚尔，较2021年IPO时缩水40%，其母公司沃托兰廷集团正通过剥离铝业、切入医药赛道优化资产组合——CBA上市后债务负担加重，已成为集团包袱，此次出售由Moelis&Company担任顾问，中铝、EGA分别聘请伊塔乌银行、摩根士丹利协助交易。

竞购双方各有优劣：中铝受国内电解铝产能逼近政策天花板驱动，需海外资源补充，且借本地顾问熟悉巴西监管，海外铝土矿可降低氧化铝成本约15%，但需应对海外并购历史争议与反垄断审查;EGA作为全球第四大铝企，具备全产业链整合能力、先进技术及主权基金支撑的资金优势，却缺乏拉美市场运营经验。

此次交易背后，全球铝市2025年将现供应缺口，巴西矿业法规完善(采矿权无限期持有)，使其资源价值凸显，也推动行业竞争从“产能扩张”转向“资源控制”——欧洲因能源成本高企减产，中资与中东资本正加速补位。目前，沃托兰廷、CBA及中铝暂未回应市场传闻，EGA仅表示“评估增长机会”，而交易定价是否低估、巴西政府对战略矿产的审批态度、下游25亿美元投资落地情况，将直接影响巴西矿产估值、中资后续拉美投资及全球高端铝供应格局。

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巴西CBA铝业争夺战：中铝与EGA的全球铝土矿资源战略博弈

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