Trafigura names new battery metals heads in wake of nickel fraud
The commodities giant was the victim of a “systematic fraud” that could cost it more than half a billion dollars.
The commodities giant was the victim of a “systematic fraud” that could cost it more than half a billion dollars.
Russia accounted for 11% of US nickel imports in 2022.
Trafigura found that some cargoes it had bought didn't contain the nickel they were supposed to, and spent two months uncovering the scheme.
They plan to become the second nickel producer in the United States.
Until late October, the US bank had been helping to finance Trafigura’s nickel trades with companies linked to Indian businessman Prateek Gupta.
The French government has agreed to grant a 40 million euro loan to SLN.
Indian businessman Prateek Gupta and his companies, against whom Trafigura secured a $625 million freezing order this week, have a checkered history in the trading world.
Trafigura is briefing lenders that none of its banks have direct exposure to the nickel deals linked to systematic fraud.
Nornickel is the world's largest producer of palladium and refined nickel.
The Bahodopi project will produce ferronickel with 73,000-80,000 tonnes of nickel content per year, Vale said.