Rusal shareholders to vote on near 7mln-tonne aluminium supply deal with Glencore

Independent shareholders of UC Rusal are to vote on a proposed $16.3-billion deal for the supply of up to almost 7 million tonnes of primary aluminium to Glencore over the next several years.

The contract, which was approved at Rusal's board meeting on December 13 of last year, is for 2020-2024 and can be extended to 2025. 
It would mark the return of Rusal to a long-term sales contact with Glencore; its last major agreement with the Switzerland-based miner and marketer expired in 2018. 
Under the terms of that contact, which were never made public, Rusal committed to sell the majority of its primary production to Glencore under a seven-year contract agreed to in 2012, although its supplies to Russia were excluded. At the time of the deal's expiration, Rusal and its founder, Oleg Deripaska, were subject to sanctions by the United States. 

Glencore chief executive officer Ivan Glasenberg resigned as a director of Rusal days after the US sanctioned and froze the assets of Rusal and Deripaska. Glasenberg said at the time that outstanding supply contracts Glencore had...

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