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 2020-2024 and can be extended for 2025, Rusal said.