Trafigura, the commodity trader, signed a US$600 million financing agreement with Dubai-based copper and cobalt miner Shalina Resource, which will greatly increase the supply of high-grade cobalt hydroxide and copper cathode from the Democratic Republic of the Congo (DRC).

Through its subsidiary Chemaf in DRC, Shalina Resources will be able to complete construction of its fully mechanized Mutoshi mine and the solvent extraction- electrowinning processing plant in Kolwezi, and this agreement will also promote the expansion of Etoile solvent extraction and electrowinning processing plant in Lubumbashi.

Under the agreement, Trafigura will sell all cobalt hydroxide produced by Chemaf, and the transaction was expected to continue until 2027.