Vitol Hires Glencore, Trafigura Iron Ore Traders in Metals Push [BNN Bloomberg (Canada)]
MINERAL RES LTD UNSP/ADR (MALRY)
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mineralresources.com.au/investors-and-media.html
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Source: BNN Bloomberg
Vitol has been in talks to hire some of Glencore's iron ore team, and some members have already quit and will be joining Vitol, according to people familiar with the matter, who asked not to be identified discussing private information. Vitol is also hiring the former head of China iron ore trading for Trafigura, some of the people said. The moves are the latest evidence of how big energy traders are using some of the mega profits earned in oil and gas to aggressively expand into metals markets, which have long been dominated by Glencore and arch rival Trafigura. Mercuria Energy Group Ltd. recently appointed Kostas Bintas, the former co-head of metals at Trafigura, to lead a push into metals and has added more than a dozen staff to the business in the past few months. Vitol, which recorded earnings of more than $28 billion in the past two years, is returning to metals after exiting the business several years ago. Bloomberg reported last year that it had hired a veteran iron ore t
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