Glencore seeks 360,000T Venezuela primary aluminum

CARACAS, Oct 19 - Glencore International, the world's biggest commodity trader, is negotiating a deal to buy 360,000 tonnes of primary aluminum over several years from Venezuela's state-run Venalum. A Venalum spokesman said on Monday the talks anticipated $100 million down-payment from the Swiss company, but he did not give further details. "There is a pre-agreement, but so far the minister has not signed anything," he said. According to local press reports, Glencore would receive the metal over a 6-year period. Venalum is currently in talks to buy 20 percent of its shares from a group of six Japanese companies that are seeking to leave the country because of a dispute with the government over aluminum prices.