Netherlands-based aluminium producer, Aldel, has secured a commitment from Glencore, one of the world’s largest global diversified natural resource companies, to purchase up to 180,000 tonnes from Aldel this year and next.
The offtake agreement will provide a guaranteed market for the output from the Aldel plant at time of huge uncertainty. It is a significant vote of confidence in the company as it seeks to ramp up production this year. Aldel has embarked on a ten-year plan to become one of Europe’s leading low cost and energy efficient producers of aluminium. Aldel’s annual production currently stands at around 80,000 tonnes, but it plans to significantly increase that during the next 12 months.
Chris McNamee, Aldel CEO said: “This is huge boost for Aldel, its people, and the wider economy, coming as it does against the background of the Coronavirus crisis and the economic uncertainty it has caused. This agreement, with one of the leading players in our industry, to purchase our output will further secure our medium-term future, and give us the confidence to press on with our ten-year plan to transform Aldel into a leading European green producer of aluminium. We believe Europe more than ever needs a strong efficient and green manufacturing base and that, as an independent producer of aluminium, we have an important part to play.”