Vitol hires Glencore, Trafigura iron ore traders in metals push
The oil trader has been in talks to hire some of Glencore’s iron ore team, and some members have already quit and will be joining Vitol.
Swedish miner Boliden said on Thursday the expansion of its Odda zinc smelter in Norway will take longer than expected due to a delay in construction work and that the cost will increase by 100 million euros ($110.16 million).
Boliden in 2021 announced it would expand the Odda plant to an annual production capacity of 350,000 tonnes of zinc from 200,000 tonnes.
The ramp-up towards the new production level will start at the end of the first quarter of 2025, Boliden said on Thursday, some three months later than indicated earlier this year, with full output estimated to be achieved during 2025.
Boliden still estimates its total capital expenditures for 2024 to be at 15.5 billion Swedish crowns ($1.49 billion), unchanged from earlier forecasts, and said the capex for 2025 was estimated at 13.5 billion crowns.
($1 = 0.9078 euros)
($1 = 10.3823 Swedish crowns)
(By Elviira Luoma; Editing by Terje Solsvik)
Read more: Boliden’s Q2 earnings disappoint despite near fivefold rise
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