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What occurred at Nyrstar is increasingly difficult to view as a one-off cycle of events. The sequence suggests a repeatable model rather than an isolated case. Developments surrounding a gold mining project in Ghana indicate that similar mechanisms may still be in use. This matters not only for interpreting the past, but also for current and future counterparties, including groups such as Korea Zinc, now acquiring parts of Nyrstar’s business.  The Cuckoo Strategy: Enter, Weak

Nyrstar Zinc processing plant The True Cost of a Convenient Partner When governments or corporations need to move vast quantities of commodities quickly, few firms can match Trafigura’s global reach. The Washington Post recently reported that the U.S. administration selected Trafigura to execute Venezuelan oil sales because of its logistics network, financial capacity and speed of execution.  But the article also highlights a deeper tension: Trafigura’s strength is repeatedly

A new day, a new scandal. Commodity trading giants Vitol and Trafigura are now under investigation for fraud in Bolivia. This time, the accusations involve the smuggling of poor quality gasoline that is reportedly damaging vehicles across the country. This case does not stand alone. It adds to a growing list of controversies involving Trafigura in recent years. In Belgium a criminal investigation into the transfer of assets from zinc smelter Nyrstar to Trafigura is still ongo

A recent ruling by the ‘Marktenhof’ (Court of Appeal) highlights a critical gap in Belgium’s financial enforcement system. Minority shareholders challenged a decision by the financial watchdog FSMA, but were denied a substantive review. The court held that it lacks jurisdiction to reassess the case on its merits. The outcome raises serious concerns about accountability and judicial oversight in market abuse cases. Palace of Justice of Brussels A controversial FSMA decision In

Korea Zinc's ambitious $6.6 billion plan to build cutting-edge smelting infrastructure in the United States represents exactly the kind of investment Washington seeks. The strategy is clear: extract critical minerals domestically, reduce reliance on Chinese supply chains, and secure Tennessee's zinc operations as the foundation for American mineral independence. On paper, it's a win-win. In reality, it may be built on contested legal ground. A Foundation Built on Disputed Own

After acquiring Nyrstar’s U.S. assets from Trafigura, Korea Zinc is planning to invest $6.6 billion in building a state-of-the-art smelter allowing it to extract critical minerals. The operation includes acquiring Nyrstar's Tennessee mines and smelter from Trafigura, alongside the U.S. This in an effort to allow the U.S. to regain independence from China in the critical minerals market. But there's a critical risk: Trafigura may not be legally in position to sell what it inte

picture: President Donald Trump (White House, public domain Creative Commons Attribution 3.0-licentie ). While Brussels drafts legislation on strategic autonomy, Europe has already surrendered it on the ground. We speak endlessly about reducing dependence on China for critical minerals, yet we've sold off the very infrastructure needed to process them. The Nyrstar case perfectly illustrates this contradiction. What was presented as a necessary rescue operation in 2019 was, in

Alexander Verbeek explains why Trump wants Greenland. A matter of national security for sure. But the real answer lies beneath the ice: rare earth minerals essential for advanced technology and defence systems. While Arctic mining remains extremely challenging, Nyrstar owns significant off-take rights on one of the largest zinc & critical minerals deposits of the island, the Citronen mine, ready for exploitation and strategically invaluable. In 2019, Trafigura acquired Nyrst

professor Herman Matthijs (UGent, VUB) Zinc mining isn't just about zinc. It's about critical byproduct minerals essential for defense and advanced technology. Europe stood by as Nyrstar, a world-leading European zinc smelter traded in Brussels, fell into the hands of Singapore-based commodity trader Trafigura. A preventable loss with lasting geopolitical consequences. In this video professor Herman Matthijs (UGent, VUB) explains how Europe is losing this strategic race.

The global commodity markets are no stranger to controversy. But when a firm as large as Trafigura finds itself facing several major legal battles simultaneously, the industry must take note. One concerns an alleged fraud involving nickel shipments worth about $600 million; another involves a landmark bribery conviction. A third centres on the long-running dispute related to Nyrstar, in which Trafigura has faced allegations over its role in the company’s financial collapse. T

When De Tijd highlighted zinc’s vital role in the green transition, it might have sounded like a niche industrial story. Zinc may not appear on the European Commission’s list of “critical” materials, but its byproducts — germanium, indium, and gallium — are indispensable for semiconductors, fiber optics, batteries, and advanced defense systems. These rare metals place zinc smelters like Nyrstar at the heart of a geopolitical contest. As demand for critical minerals surges, Eu

As geopolitical tensions and fears of war escalate, the race for strategic raw materials has reached a fever pitch among the world’s major power blocs. Commodity giants such as Glencore and Trafigura are cashing in on global scarcity, posting record-breaking profits that underscore their growing dominance in the global supply chain. Traders Thrive Amid Geopolitical Turmoil A recent Bloomberg article confirms that the world’s top metal traders are among the biggest beneficiari

The Market Court recently received a petition for the annulment and reform of the decision of the Sanctions Commission of financial watchdog FSMA in the Nyrstar case. The commission had found Nyrstar NV guilty of market manipulation. The company was fined €80,000, but its board members were acquitted. The commission ruled that there had been insufficient investigation into their individual roles in the manipulation. That ruling is now being challenged. The ball is therefore i

The FSMA Sanctions Commission did find misleading practices at Nyrstar and convicted it of market manipulation related to its liquidity position prior to the restructuring. The other allegations, despite having been thoroughly analyzed for four years by the FSMA Auditor, were dismissed two years later, after six years of proceedings, including five days of closed-door hearings, without even consulting the minority shareholders' union that had been working on the case for more

“Together, we can make our societies open for business but closed for crime.” The words of Belgian Prime Minister Bart De Wever at the United Nations still resonate as I work my way through the 146-page decision of the FSMA Sanctions Committee on market manipulation at Nyrstar NV. The Committee’s mandate was clear: to determine the sanctions for four violations identified by the FSMA’s auditor after years of investigation. His exhaustive reports left little doubt that Nyrstar

Minority shareholders who suffer huge losses are left waiting for years, while courts, despite their best efforts, lack the resources to...

In this short video, Bart De Smet, Chairman of the Corporate Governance Committee, reflects on the independence of board members and the...

The Nyrstar saga continues to make headlines. La Libre follows up on articles published by L'Echo and De Tijd and highlights a striking...

Minister Annelies Verlinden is requesting an additional €1 billion for structural investments in her department. Her message is sobering: “ I refuse to accept that the next social tragedies are waiting to happen in the offices of the public prosecutors. To prevent this, we must invest in every link in the chain. And anyone who thinks this money is not necessary should speak up. " Annelies Verlinden - © Belgian Presidency of the Council of the European Union / Julien Nizet A w

Our years of appealing for transparency in the sour Nyrstar file finally seems to have been heard. In this article by Bert Broens in De Tijd, it is now also explicitly confirmed that the Auditor of the FSMA concludes, after years of investigation, that Nyrstar has misled the market by not communicating transparently. photo © De Tijd For example, no less than 719 million euros in debt were kept hidden from the market. But there is more: our thesis that Trafigura has served its