ECONOMY

Bosnia aluminium firm and Glencore in $10 mln deal

SARAJEVO (Reuters) – Bosnia’s sole aluminium smelter Aluminij Mostar signed on Monday a $10 million (7.9-million-euro) deal with Swiss metals trader Glencore on the purchase of new equipment to modernize its foundry. «The modernization will boost the output, reduce electricity consumption and improve working conditions,» Aluminij stated. The company, based in the southern town of Mostar, had record output of 120,000 tons of metal last year and exports worth 370 million Bosnian marka (188 million euros). It plans a new 300-million-euro investment to build a new aluminium processing plant with nearby aluminium profiles producer FEAL that will employ 100 workers and produce 9,000 tons of metal a month. Glencore has invested $20 million in the modernization of Aluminij since 2000, the firm said.