Russian firm Rusal has approved a new long-term aluminium supply contract worth $16.3bn with Glencore.
Glencore has been one of the main clients of Rusal, and also owns a stake in Rusal parent En+ Group.
Rusal noted that the new contract is for 2020 to 2024, with an option to be extended for another year, until 2025.
Under the contract, Rusal will supply up to 6.9 million tonnes (Mt) of the metal to Glencore, including 344,760t in 2020 and approximately 1.6Mt a year from 2021 to 2024.
According to Rusal, its board of directors approved the deal in December last year, which replaces a previous contract that expired in late 2018.
The contract is yet to seek approval from Rusal shareholders.
Reuters quoted Rusal as saying: “This agreement provides the company with significant volumes of primary aluminium sales at market price with a number of quantitative options.”
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