Glencore gains approval to buy into Rusal's Ukrainian alumina plant

The decision means Glencore can acquire shares in Aluminium of Ukraine and Guardon Ukraine, which own the Mykolaiv plant and are themselves controlled by Rusal, one of the world's largest aluminium producers. With annual output of 1.6 million tonnes, Mykolaiv is Ukraine's largest producer of alumina, used in aluminium production. Glencore has previously said it is particularly keen on assets relevant to the expected boom in electric vehicles, which could include aluminium. The Mykolaiv deal follows Wednesday's announcement that Glencore will convert its 8.75 percent stake in Rusal to shares in En+ Group, an aluminium and hydropower group controlled by tycoon Oleg Deripaska.

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