Glencore withdraws, third strategic partner interested in Aluminij

SARAJEVO, (Patria) - A meeting was held at the FBiH Government with the Swiss company Glencore, which was interested in Mostar's Aluminij, however, no agreement was reached today. The conditions Glencore had previously set regarding the price of electricity, which is the main energy source for production at Aluminij, were not accepted, and Glencore itself withdrew from negotiations.

Relevant Minister Nermin Džindić stated that Glencore announced today that they are not prepared to cover the financing of 50 euros per megawatt hour of electricity.

"They also problematized the letter they themselves sent to the Government. They withdrew from negotiations, and I consider that unprofessional. As a government, we will continue to provide support to the workers on behalf of the 44 percent capital. The FBiH Government and the relevant ministry will continue to seek a strategic partner, which is a condition for the company not to go bankrupt," said Džindić.

Minister Džindić stated that a meeting will be held on Wednesday with the third interested strategic partner, "Mana World Holding Trust," who sent a letter of intent to the FBiH Government this morning and requested a meeting.

Aluminij Director Dražen Pandža stated that Glencore was not prepared to allocate funds for electricity and withdrew from further negotiations. Pandža said that Aluminij will be shut down from the first minute of Wednesday.

Mostar's Aluminij, which faces shutdown, has a debt of 400 million KM.

A meeting was held on Thursday with an interested investor from Dubai.