National Aluminium Co Ltd (NALCO)

Industrial Metals
NACL: India
India
NALCO

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"In India, the National Aluminium Co Ltd (NALCO) (NALU.NS) has awarded a sell tender to the Iran Aluminium Company (Iralco), two sources said. The European Union sanctioned Iralco in December 2012 for supplying aluminium to The Iran Centrifuge Technology Co (TESA), which is a subsidiary of the Atomic Energy Organization of Iran (AEOI). Swiss trading giants Trafigura and Glencore Xstrata (GLEN.L) have both supplied alumina to Iralco in the past as part of barter deals in exchange for aluminium, but both halted supplies over new EU sanctions…A senior official at India's mines ministry, under which state-owned NALCO operates, said the government was not looking into the issue but could investigate if required. 'In general, we do not have anything against trade ties with Iran,' the official said. The sale was for 30,000 tonnes of alumina to Iralco and shipments were due to start in August, the sources said...'(The) Indian government is encouraging exports to Iran. There is nothing wrong in NALCO exporting alumina to that country,' a senior company official who declined to be identified due to corporate policy told Reuters. NALCO said last week it planned to raise its alumina exports by 40 percent to 1.4 million tonnes this fiscal year to help India increase dollar inflows as global investors dump emerging market currencies anticipating the gradual end to U.S. stimulus." (Reuters, "China, India raise alumina sales to Iran after sanctions push others out," 8/27/13)