Rusal, Glencore agree aluminium deal worth up to $16.3bn
MOSCOW – Russia's Rusal has approved a new long-term aluminium supply contract with Glencore worth up to $16.3-billion, it said in a Hong-Kong regulatory statement on Friday.
Swiss trader and metals producer Glencore has long been one of the main clients of Hong Kong-listed Rusal, the world's largest aluminium producer outside China.
Glencore owns a stake in Rusal parent En+ Group.
The new contract is for 2020 to 2024 and can be extended for 2025, Rusal said.
It said its board of directors in December approved the deal, which succeeds a previous contract which expired in late 2018. The contract requires approval from Rusal shareholders.
Rusal, which produced 3.8-million tonnes of aluminium in 2019, will supply up to 6.9-million tonnes of the metal to Glencore under the contract, including 344 760 t in 2020 and around 1.6-million tonnes a year in 2021 to 2024.
"This agreement provides the company with significant volumes of primary aluminium sales at market price with a number of quantitative options," Rusal said in a separate comment.
Glencore declined to comment.
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