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Glencore to declare force majeure on some aluminium supply -source

Reuters - UK Focus

LONDON, April 11 (Reuters) - Swiss-based trading and mining giant Glencore (Frankfurt: 8GC.F - news) will declare force majeure on some aluminium supply, days after U.S. sanctioned major supplier Rusal (HKSE: 0486-OL.HK - news) and its boss, metals magnate Oleg Deripaska, a source familiar with the matter said.

Glencore is a Rusal shareholder and one of its biggest customers. Glencore Chief Executive Ivan Glasenberg resigned from his role as Rusal director on Tuesday.

Force (Taiwan OTC: 4923.TWO - news) majeure is a clause in contracts that allows both parties to walk out of the contract when an extraordinary event or circumstance beyond the control of the parties happen. (Reporting By Julia Payne, editing by David Evans)