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Nyrstar restructuring completed. Trafigura Group Pte Ltd becomes majority owner of Nyrstar’s operating business.

Geneva, 31 July 2019 – Trafigura Group Pte Ltd. (“Trafigura”), a market leader in the global commodities industry, has today become the majority owner of the operating business of Nyrstar, a global multi-metals business. This follows the implementation of the scheme of arrangement: reinstatement of financing facilities with Nyrstar’s financial creditors; completion of a new money facility; issuance of the bond instruments detailed below; and agreement being reached with the State of South Australia on the key terms of the restructure of the Port Pirie perpetual securities.

“The closure of this capital restructuring is excellent news for both Trafigura and Nyrstar,” said Jeremy Weir, Executive Chairman and Chief Executive Officer of Trafigura. “Nyrstar is a significant global business that has been built on strong foundations. The macro economic environment is positive for zinc concentrate and refined zinc metal markets on a forward looking basis, and Nyrstar will be very complementary to our existing trading activities. As an independently operated company within the Group and with its restructured and strengthened balance sheet, there is now the opportunity for Nyrstar to realise its full potential,” concluded Jeremy.

Daniel Vanin has been appointed Chief Executive Officer of the operating business of Nyrstar with immediate effect. With 40 years in the industry, he brings extensive international mine and smelting development experience, alongside strong management skills to the role.

“Nyrstar begins a new chapter today,” said Daniel Vanin. “I’ve already visited almost every Nyrstar operation around the world. I’ve been impressed by the fundamental strength of the assets, by the depth of technical knowledge of the teams and by their passion for the work that they do. I’ve seen many opportunities and solutions that could be implemented quickly. We will also be able to draw on Trafigura’s technical, economic and other commercial expertise,” concluded Daniel.

Over the next few months, a new headquarters will be established at Nyrstar’s operations at Budel, in the Netherlands. Members of Zurich-based staff whose roles are affected have already been informed of these plans, with the employee consultation process having taken place during July.

The Trafigura Group has issued three new bond instruments as part of the Nyrstar restructuring and in exchange for the discharge of Nyrstar Group’s obligations under its outstanding bonds and convertible notes:

• EUR262.5 million perpetual resettable step-up subordinated securities issued by Trafigura Group Pte Ltd, with an interest rate of 7.5 percent per annum, resetting after five years, and listed on the Singapore Stock Exchange.

• USD88 million guaranteed senior notes issued by Trafigura Funding S.A. under the EUR3 billion Euro Medium-Term Notes Programme. This is through a tap of the USD400 million notes issued in March 2018, maturing on 19 March 2023.

• Thirdly, a USD251 million, seven year zero coupon commodity-linked principal amortising instrument issued by a subsidiary of the Trafigura Group, guaranteed by Trafigura Trading LLC and Trafigura Pte Ltd., and listed on the Vienna MTF.

ENDS

For further information please contact:
Trafigura’s Global Press Office: +41 (0) 22 592 4528 or media@trafigura.com

Notes to Editors

More about Daniel Vanin, Nyrstar’s new Chief Executive Officer
Daniel Vanin has worked in the mining industry for over 40 years in both underground and open pit mines, and with smelting operations in both Chile and Bolivia. During this time he has gained strong international mine and smelting development and management skills, coupled with extensive experience of working around the world, including in Canada, Russia, Spain, and in several African and South American countries.

He joined Trafigura in 2011, as Chief Operating Officer of the company’s Mining Group, having previously been the Chief Executive Officer of Iberian Minerals Corp. Prior to this, he held senior executive and operational positions with Cambior Inc., RBG Resources PLC, Glencore, Lac Minerals Ltd, and High River Gold Mines.

Daniel works in English, French, Italian and Spanish. He is an Italian national who grew up and studied in Canada, graduating from McGill University with a degree in Mining Engineering.

About Nyrstar
Nyrstar is a global multi-metals business, with a market leading position in zinc and lead, and growing positions in other base and precious metals. Nyrstar has mining, smelting and other operations located in Europe, the Americas and Australia and employs over 4,000 people. The company’s global operations are located close to key customers and major transport hubs to facilitate delivery of raw materials and distribution of finished products. In July 2019, Nyrstar’s operating business became majority owned by Trafigura, one of the world’s leading independent commodity trading companies. Visit https://www.nyrstar.com

About Trafigura
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Visit: https://www.trafigura.com