Mercuria is expanding into asset ownership, taking a 25% stake in an Indonesian aluminium smelter operated by Tsingshan, its first equity investment under the new metals unit and valued at hundreds of millions of dollars. The Swiss trader also seeks copper mining opportunities as it continues a $3bn spending spree in base metals.

Over the past two years Mercuria pumped more than $3bn into metal pre‑payments, a move that underpinned roughly 15% of its $1.5bn profit last year. Notable deals include a $1.25bn advance to Kazakhmys, $200m to Zambia’s Mopani mine, and offtake contracts for zinc at Ivanhoe’s Kipushi and copper from Eurasian Resources. Aluminium prices on London Metal Exchange have climbed about 14% since Middle East conflict.

CEO Marco Dunand told the FT Commodities Summit that the firm will keep scaling its base‑metals arm while tripling LNG trading volume within 12 months. Although net debt has risen, Mercuria says credit lines remain underused and the balance sheet can sustain further equity bets. The shift toward ownership gives the trader direct exposure to producer financing and price volatility.