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Mitsubishi Corp.’s trading arm is expanding its copper trading business in Europe in preparation for receiving concentrates from a new mine in Peru.
Mitsubishi Corp. RtM has hired Branko Buhavac, formerly at Trafigura Group, as head trader for base metals in Europe, according to people familiar with the matter. He will work alongside Rick Whitby and Christian Zaleski in London, the people said, asking not to be identified as the matter is private.
Later this year, Mitsubishi is due to start receiving copper concentrates from contracts linked to its 40% stake in Quellaveco, a Peruvian mine being developed by Anglo American Plc. That’s forced the company to widen its focus beyond the refined metal and its Asian customer base, the people said.
Mitsubishi Corp. International, the company’s European holding entity, didn’t respond to phone calls and emails seeking comment.
Buhavac managed Trafigura’s copper blister book for four years in addition to European base metal concentrates business development. Subsequently, he co-founded a renewables startup and a European nonferrous-scrap focused trading house.
Quellaveco is set to produce about 120,000 to 160,000 tons of copper in concentrate in 2022, rising to 300,000 tons per year once fully ramped up, according to Anglo American projections.
Mitsubishi also holds a 20.4% stake in Chile’s Los Bronces, also operated by Anglo American, and has a 10% stake in Antamina a Peruvian copper-zinc-lead mine.
(By Archie Hunter)
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