Panama’s President blames previous gov’t for First Quantum mine crisis
The Cobre Panama mine paid the price for the accumulated national discontent, said President José Raúl Mulino.
Trafigura Group on Wednesday said it is piloting a sustainable supply chain finance program with eFactor Network for mining companies in Mexico.
“Trafigura’s suppliers of metal concentrates will receive accelerated payments for products using eFactor’s digital factoring platform,” the trader said.
eFactor Network is a Fintech company, leader in working capital financing in Mexico.
The program – the first of its type and providing a model that can be scaled across the region – is structured to improve mining companies’ working capital while driving responsible sourcing practices along the metals value chain.
“Trafigura is committed to working with the mining community across Latin America to source commodities responsibly. This pilot programme offers a powerful illustration of how different value chain actors can, and must increasingly collaborate to promote good practice in a complex operating environment,” Inigo Flores Piran, Trafigura’s CFO for Latin America said in a statement.
Trafigura Group earned a record $7 billion in its last financial year, more than the previous four years combined, as the commodities trader cashed in on wild price swings and arbitrage opportunities driven by Russia’s invasion of Ukraine.
Earnings more than doubled in the 12 months through September, Trafigura said last week, while revenue surged to $318.5 billion.
(With files from Bloomberg)
