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力拓与中铝磋商持股结构调整为重启股票回购扫清障碍

2025-12-05 16:51:05 来源：北方有色网责任编辑：王欣悦

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全球矿业巨头力拓集团首席执行官Simon Trott近日在公司年度投资者日活动中明确表示，正与主要股东中国铝业公司(下称“中铝”)展开积极磋商，核心目标是破解当前因持股结构引发的治理限制——这一限制已直接影响力拓实施股票回购的资本运作能力。

Simon Trott强调，双方已就潜在解决方案进行多轮探讨，但受限于交易结构复杂性及监管合规要求，目前尚未形成具体定论，相关谈判仍需时间推进。这一表态直接回应了此前市场关于“力拓拟通过资产换股降低中铝持股比例”的传闻。据多方信源披露，力拓正探索以核心矿产资产权益置换中铝部分股权的交易模式，初步方案拟将中铝当前约11%的持股比例降至8%-9%，以此释放股权流动性。

对于力拓而言，此次持股结构调整堪称“战略破局”的关键。若交易达成，公司将摆脱资本管理束缚，不仅能重启搁置已久的股票回购计划(市场预估规模可达50亿美元)，还可获得发起新战略并购的灵活空间，这与新任CEO推行的“资产瘦身+成本控制”转型战略高度契合。而中铝也有望通过这一交易实现战略升级——据披露，其拟置换的资产包括力拓旗下几内亚西芒杜铁矿、蒙古奥尤陶勒盖铜矿及钛业务等核心资产的合伙权益，这将显著强化中国在关键矿产领域的资源掌控力。

这场股权博弈的背后，是一项延续十余年的历史性监管约束。时间回溯至2008年，中铝联合美国铝业以140.5亿美元收购力拓英国上市实体12%股权，成为当时中国企业规模最大的海外投资案例。随后澳大利亚监管当局虽放行中铝增持，但设定了14.99%的所有权上限，并要求中铝在持股低于15%时不派驻董事会成员。这一限制虽未直接触及，但力拓的股票回购行为会被动推高中铝持股比例，使其逼近监管红线，最终导致力拓自2019年起暂停回购操作。

当前谈判的核心难点，在于如何在不触发澳大利亚外资审查障碍的前提下完成结构调整。根据澳大利亚《1975年外国收购与接管法》，矿产资源领域超过10%的股权变动需经外国投资审查委员会(FIRB)严格审批。市场分析指出，双方需在资产估值、权益划分等细节上达成精准共识，才能平衡力拓股东短期回报需求与中铝长期资源布局目标。

作为全球矿业格局与中国资源安全战略的交汇点，此次交易被业内视为“资源换治理”的创新尝试。力拓计划在未来两周内披露更多交易细节，其最终结果不仅将影响这家矿业巨头的资本运作空间，更可能为中国企业参与全球矿产资源合作提供新范式。

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力拓与中铝磋商持股结构调整 为重启股票回购扫清障碍

力拓与中铝磋商持股结构调整为重启股票回购扫清障碍