29th June 2015 - Mubadala Development Company (“Mubadala”), the Abu Dhabi-based investment and development company, and Trafigura Beheer B.V. (“Trafigura"), a market leader in the global commodities industry, today announced the signing of an agreement to create a 50/50 joint-venture company to invest in the base metals mining sector, including copper and zinc.
As part of the agreement, Mubadala is acquiring a 50 percent share in Trafigura’s flagship mining operation Minas de Aguas Teñidas (MATSA), which owns the Agua Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates.
“MATSA has a strong competitive position and excellent expansion potential, with capacity expected to more than double over the next two years,” said Ahmed Yahia Al Idrissi, Chief Executive Officer, Mubadala Technology and Industry. “Investing in MATSA is a key step in growing and diversifying our existing metals and mining portfolio.”
“This builds on our existing sector strategy and partnership with Mubadala. We are identifying new opportunities and investing thoughtfully together in ways that complement our existing portfolio," said Jeremy Weir, CEO, Trafigura.
A two-year investment and expansion plan by Trafigura for MATSA is nearing completion and included a new treatment plant which has close to doubled annual processing capacity to 4.4 million tonnes per annum.
Under the joint venture, day-to-day operations at MATSA will continue as usual, including existing terms and conditions for employees, contractors and suppliers. This agreement is subject to relevant regulatory approvals.
For further information contact:
Mubadala Press Office: Kinana Sarrage on Tel: +971 2 413 1916 or email@example.com
Trafigura Press Office on Tel: +41 22 592 45 28 or firstname.lastname@example.org
MATSA Sala de Prensa: www.prensamatsa.es
Notes to Editors
About Mubadala Development Company
Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns, contribute to the growth and diversification of Abu Dhabi’s economy, and create opportunities for current and future generations in the United Arab Emirates.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, semiconductors, metals & mining, oil & gas, renewables, information & communications technology, healthcare, real estate & infrastructure, utilities, and defense services.
For more information about Mubadala please visit www.mubadala.com
Founded in 1993, the Trafigura Group has become one of the world’s leading independent commodity traders, specialising in the oil, minerals and metals markets. The company has achieved substantial growth in recent years, growing revenue to USD127.6 billion in 2014. Primary trading activities are the supply and transport of oil and petroleum products and metals and minerals. The trading business is supported by industrial and financial assets including global oil products distribution company Puma Energy; joint venture company DT Group; global terminals operator Impala; Trafigura’s Mining Group and Galena Asset Management. The Trafigura Group is owned by 600 of its 5,300 employees who work in 36 countries around the world. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.