Glencore PLC Designation of Rusal and EN+ (3858K)

TIDMGLEN

RNS Number : 3858K

Glencore PLC

10 April 2018

Glencore plc

Baar, Switzerland

10 April, 2018

Designation of Rusal and EN+ as Specially Designated Nationals

Glencore notes the designation of United Company Rusal Plc ("Rusal") and EN+ Group Plc ("EN+") as Specially Designated Nationals ("SDNs") by the United States Government.

Glencore has various contracts with Rusal for the purchase of aluminium and alumina.

Glencore is committed to complying with all applicable sanctions in its business and is taking all necessary measures in order to mitigate any risks to Glencore's business as result of the designation of Rusal and EN+ as SDNs, including in respect of secondary sanctions.

Mr. Glasenberg has resigned from his position as a director of Rusal.

Glencore is still evaluating the position under its contracts with Rusal, but notes that these contracts are not financially material to Glencore.

Glencore has previously signed a non-binding term sheet with EN+ regarding swapping its shares in Rusal for Global Depositary Receipts in EN+ (the "Transaction"). Glencore will not proceed with the Transaction at this time in light of the designation of Rusal and EN+ as SDNs.

For further information please contact:

 
Media 
Charles Watenphul  t: [phone]  m: [phone]  [e-mail] 
Investors 
Martin Fewings     t: [phone]   m: [phone]   [e-mail] 
Ash Lazenby        t: [phone]   m: [phone]   [e-mail] 
 
 

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

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Disclaimer

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

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The company news service from the London Stock Exchange

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April 10, 2018 02:28 ET (06:28 GMT)