Trafigura is negotiating with Egyptalum and Metallurgical Industries Holding Company to develop a 300,000‑tonne‑per‑annum primary aluminium smelter and a 150,000‑tpa anode plant at Egyptalum’s Nag Hammadi complex, nearly doubling the site’s current output. The project, costed at $750–$900 million, would be delivered via a newly incorporated company, with Trafigura as minority equity investor, debt provider and long‑term offtake and feedstock counterparty. The planned capacity targets tight ex‑China supply, after Gulf smelter disruptions and a decade‑long 6‑million‑tonne drawdown in non‑Chinese inventories.

Gold prices rebounded sharply on Wednesday, with spot bullion jumping up to 3.6% to above $4,700/oz and three‑month futures near $4,710/oz, as hopes for a US‑Iran peace deal eased expectations of prolonged high interest rates. Silver tracked the move, gaining more than 6% to almost $78/oz, after a 10‑week Gulf conflict had previously knocked gold about 11% lower despite its safe‑haven status. Analysts from Zaner Metals and ING say easing inflation fears could reopen the door to US Federal Reserve rate cuts, while continued central‑bank buying remains a key longer‑term support.

TMCR is paying $132.5 million for a 1% index-priced gross overriding royalty on Mesabi Metallics’ Nashwauk taconite project in Minnesota, which is designed for up to 8.5 million tonnes per year of direct-reduction-grade pellets over a 23+ year mine life. The nearly 93%-complete mine and pellet plant, backed by India’s Essar Group and up to $10 billion in US Export-Import Bank support, targets first output in H2 2026 and full production in 2027. TMCR will fund the deal via a $75 million private placement at $13 per share and a proposed $50 million senior secured credit facility.