Rio Tinto: sanctions wobble remain confused about the future of the aluminium market-Shanghai Metals Market

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Rio Tinto: sanctions wobble remain confused about the future of the aluminium market

Translation 11:07:59AM May 03, 2018 Source:SMM

SMM5, March 3: earlier, the US Treasury Department extended the deadline for Rusal's controlling shareholder, Oleg Deripaska, to withdraw its capital from Rusal and other entity companies until next month. Rio Tinto last week took a step to allow it to continue buying aluminium products from Rusal's long-term contract until Oct. 23. Chris Lynch, Rio's chief financial officer, said on Wednesday that Rio remained confused about the future of the aluminium market and even the company's business.

Rio Tinto said last month that Jacques, its annual aluminium production target, was likely to be cut as a result of the sanctions, adding that Rusal's Aughinish aluminium smelter in Ireland was flowing in and out of bauxite and alumina. Rio Tinto sold bauxite to the smelter and bought alumina products from it.

Cao Yuuqin, (SMM) of Shanghai Colored Network, translated from Bloomberg News

Rio Tinto: sanctions wobble remain confused about the future of the aluminium market

Translation 11:07:59AM May 03, 2018 Source:SMM

SMM5, March 3: earlier, the US Treasury Department extended the deadline for Rusal's controlling shareholder, Oleg Deripaska, to withdraw its capital from Rusal and other entity companies until next month. Rio Tinto last week took a step to allow it to continue buying aluminium products from Rusal's long-term contract until Oct. 23. Chris Lynch, Rio's chief financial officer, said on Wednesday that Rio remained confused about the future of the aluminium market and even the company's business.

Rio Tinto said last month that Jacques, its annual aluminium production target, was likely to be cut as a result of the sanctions, adding that Rusal's Aughinish aluminium smelter in Ireland was flowing in and out of bauxite and alumina. Rio Tinto sold bauxite to the smelter and bought alumina products from it.

Cao Yuuqin, (SMM) of Shanghai Colored Network, translated from Bloomberg News