EL UNIVERSAL
CARACAS, Monday October 19, 2009 | Update
Glencore awaits response from Venezuela to buy aluminum over several years
Economy
Glencore International is seeking an agreement with Venezuelan authorities to buy 360,000 tons of primary aluminum over several years, reported on Monday the state-run company Venalum, a Venezuelan smelter.
"There is a draft agreement, but so far the minister has not signed anything," told Reuters a Venalum spokesman. According to press reports published in the state of Bolívar, Glencore would receive the metal over a 6-year period.
Venalum officials said that this time the Swiss commodity trader would make a USD 100 million down-payment after signing the contract.
Venalum, the larger of the two Venezuelan state-run smelters, produces about 436,000 tons of primary aluminum.
On the Cover
IISS: The FARC financed Chávez before 1999
10:07 AM. DIPLOMACY. Admired by the Colombian guerrilla after his coup attempt in 1992, the then lieutenant colonel Hugo Chávez Frías received financial support by the Colombian Revolutionary Armed Forces (FARC) for his projects after his capture that year. This mostly explains the relationship and "debt" between the parties, as revealed by a paper of the International Institute for Strategic Studies (IISS) of the United Kingdom.
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