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Deal expires next year
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Glencore shares up 1.4%
(Adds detail, shares)
March 16 (Reuters) - Glencore will not renew a
$16 billion deal to buy aluminium from Russia's largest producer
United Co Rusal International when it expires next year,
Bloomberg News reported on Thursday, quoting Chief Executive
Officer Gary Nagle.
The group has continued to honour existing contracts but has
pledged not to enter into any new business with Russia in the
wake of its invasion of Ukraine, the report said.
A spokesperson from Glencore confirmed the content of the
report.
Bloomberg had reported last month that Trafigura Group, one
of Glencore's biggest trading rivals, is in talks about securing
its own supply of metal from Rusal, citing people familiar with
the matter.
Trafigura declined to comment on the news and its talks with
Rusal while the Russia company did not respond to Reuters'
requests for comment.
Glencore's shares were up 1.4% at 418 pence as of 1350 GMT.
(Reporting by Muhammed Husain in Bengaluru; editing by Rashmi
Aich and Jason Neely)
