Trafigura and Abu Dhabi’s Mubadala create mining joint venture - FT.com:
"Commodities trading house Trafigura will create a joint venture company with an Abu Dhabi state investment fund to buy into copper, zinc and other mining assets as prices trade near six-year lows.
As part of the agreement Abu Dhabi’s Mubadala Development Company will also acquire a 50 per cent share in Trafigura’s Minas de Aguas Teñidas (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrates. Mubadala paid around $500m for the stake, people familar with the deal said.
The transaction comes as prices for copper and zinc are hovering near their lowest level since the financial crisis amid slowing growth from biggest consumer China. That has driven other funds, such as X2 Resources, run by mining veteran Mick Davis, to raise billions from investors to acquire assets at what is seen by some as the bottom of the commodity price cycle."
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