- Write by:
-
Wednesday, April 10, 2024 - 22:22:23
-
84 Visit
-
Print
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with an “exciting decade” ahead.
“It’s a relatively small addition to our business,” chief executive officer Russell Hardy said at the Financial Times Commodities Summit on Tuesday.
Hardy’s comments are the first public acknowledgment of a step the energy trading giant has been making over the past six months. Vitol brought in an iron ore trader last year, Bloomberg previously reported. It’s also in the process of hiring two base metals traders who recently left rival Mercuria Energy Group, Reuters reported last week.
The buildout comes as Vitol — the world’s biggest independent commodities trader — expands beyond oil, gas and power after banking net profits of more than $28 billion in the past two years.
The firm was burned by an earlier foray into metals trading when it bought Euromin — a company that focused on trading metals, especially in the former Soviet Union, in the 1990s.
“I wouldn’t describe it as our finest hour — we struggled a little bit with managing the risks,” Hardy said. “So we’re very much starting from scratch again and really we’re just scratching the surface.”
Short Link:
https://www.miningnews.ir/En/News/628251
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...