Mercuria expected to hire Kostas Bintas in metals push, sources say
Reuters
Published Apr 09, 2024 12:30
Updated Apr 09, 2024 13:28
By Chen Aizhu, Pratima Desai and Julia Payne
(Reuters) - Energy trader Mercuria is expected to hire top metals trader Kostas Bintas, former co-head of metals at Trafigura, three sources with direct knowledge said, as the company boosts investment in energy transition materials.
The energy transition, which includes electric vehicles and renewable energy technologies, will require large amounts of metals including copper, aluminium, nickel and cobalt, and is expected to create profitable trading opportunities.
Bintas who left Trafigura last year is expected to start at Mercuria in the middle of 2024.
Mercuria declined to comment. Bintas could not be reached for comment.
Mercuria currently trades only aluminium, the sources said, adding that the Swiss trader had sufficient funds to support a major metals business.
Last year, a Mercuria executive told Reuters the trader was looking at expanding exposure in metals needed for the green transition such as copper, cobalt and lithium through privately held TechMet.
But a metals industry source said Techmet was a joint venture with equity investments in mines and offtakes and that it wasn't the same as having a metal trading team in-house.
Mercuria has also hired prominent gas trader Steve Hill, formerly head of LNG at Shell (LON:RDSa), as the trading house expands its presence in liquefied natural gas (LNG), according to sources.
Mercuria has also hired banker Nick O'Kane from Macquarie. O'Kane is due to start May 1.
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Written By: Reuters
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