力拓与中铝磋商持股结构调整为重启股票回购扫清障碍

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

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

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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