GLENCORE Ltd. September 21, 1994 Northwest Aluminum Company 3313 West Second Street The Dalles, Oregon 97058 Attention: President RE: Option To Extend 1986 Amended Toll Agreement dated March 1, 1992 Dear Brett: Pursuant to Section 2 of the above, we hereby exercise our option to extend the 1986 Amended Toll Agreement through December 31, 1999. Yours truly, /s/ SIMON D. TRINCA - ------------------------- Simon D. Trinca P.S. We look forward in due course to a further extension of what has been a very happy business relationship into the next millennium.