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The Australian Broadcasting Corporation published a story that Belgian and European regulators, prosecutors and politicians would do well to read closely (see the original article via the button below). ABC News reports that Nyrstar Collective had warned Australian governments about exactly the pattern now playing out at Nyrstar's Port Pirie and Hobart smelters: public money flowing into a company controlled by commody giant Trafigura even as the trading house books extraordi

Nyrstar NV withdrew a planned vote to dissolve the company from the agenda of its June 30 Annual General Meeting (AGM), a reversal the company says was prompted by a letter from Urion Investments, a Trafigura group company. In this very letter to the board of Nyrstar, Trafigura stated it would abstain from voting on the proposal to dissolve the company. This communication failed to address what appears to be the real reason behind Trafigura’s intervention and the board’s abru

Now that the investigating judge has formally placed Nyrstar under suspicion for forgery, the filing of false annual accounts, and misuse of corporate assets, the FSMA has taken a highly remarkable step. According to the regulator, the proposed dissolution of the company must in no way jeopardise the ongoing criminal investigation, nor undermine the company’s ability to pursue claims against responsible third parties. At first glance, this appears to be a decisive interventio

Just weeks before Nyrstar shareholders are scheduled to vote on the proposed discontinuation of the company, Nyrstar has been formally designated as a criminal suspect in the ongoing investigation into the controversial 2019 restructuring. Combined with a new intervention by Belgium’s financial regulator, the FSMA, this development could have significant implications for the upcoming General Assembly and the ongoing efforts by minority shareholders united through Nyrstar Coll

The government's plan to establish a dedicated financial prosecution unit is exactly what Belgium's justice system has needed for years. Those who are familiar with the Nyrstar case know precisely why. Belgian Minister of Justice Annelies Verlinden (CD&V) and Ismaël Nuino (Les Engagés), chair of the Parliamentary Justice Committee, announced the creation of a dedicated financial prosecution division within the federal public prosecutor's office. The announcement marks a turni

Like nuclear energy, zinc is a strategic resource. The critical metals that Nyrstar extracts as by-products of zinc smelting may be even more vital to a country’s autonomy. The applause for Prime Minister Bart De Wever’s plan to recover Belgium’s nuclear power plants had barely faded before the next strategic sector came knocking at the door of 16 Rue de la Loi. According to Richard Holtum, CEO of the Singapore-based commodities giant Trafigura, the metal-processing industry

Europe is finally talking about strategic autonomy. But can we achieve real autonomy by subsidising foreign companies that own our strategic assets? It is deeply cynical that Trafigura CEO Richard Holtum published an article last week calling on EU policymakers to protect metal smelters in the name of Europe’s strategic autonomy. Cynical, because it was precisely Trafigura that took zinc smelter Nyrstar out of European control back in 2019, in circumstances still actively con

In a striking illustration of the widening gap between corporate sustainability claims and environmental reality, a Dutch water authority has taken legal action against pollution caused by Nyrstar’s zinc plant in Pelt, Belgium. The dispute centers on discharges of toxic substances into the Dommel River. The pollution is so severe it is preventing the Dutch province of North Brabant from meeting EU water quality and public health standards. The question is not only why Flander

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

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.

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

“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...