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Russian economy to shrink by Dh917 billion in 2022

Abu Dhabi Fund Invests in Swiss Online Metals-Trading Platform

(Bloomberg) Abu Dhabi-backed Mubadala Investment Co. is buying into a Swiss online metals-trading platform set up by two former Glencore Plc traders. The United Arab Emirates wealth fund is the lead investor in a $33 million funding round, Zug, Switzerland-based Open Mineral AG said in a statement. The funds will be used to expand the company’s digital trading offering, which allows producers and traders to buy and sell metals and raw materials online. Boris Eykher, Open Mineral’s chief executive officer and co-founder, said the firm has 45% of all global metals buyers and sellers registered on its trading platform. Users include China’s Zijin Mining Group and Russia’s Ural Mining and Metallurgical Co., he said by email. The latest funding round attracted other new investors, including Statkraft and Lingfeng Capital. Open Mineral declined to disclose the size of individual investments. The trading platform’s other backers include Xploration Capital and Emerald Technology Ve

Barrick to Step Back From Freeport After Copper Gain

Barrick to ‘Step Back’ From Freeport After Copper Gain Bloomberg 2/19/2021 James Attwood © Bloomberg Copper wire rod sits in a storage facility following manufacture at the Uralelectromed OJSC Copper Refinery, operated by Ural Mining and Metallurgical Co. (UMMC), in Verkhnyaya Pyshma, Russia, on Tuesday, March 7, 2017. Russia’s No. 1 zinc miner and No. 2 copper producer plans a far-reaching expansion of its diversified minerals output, billionaire co-owner and Chief Executive Officer Andrey Kozitsyn said in an interview. (Bloomberg) Barrick Gold Corp. says the window has closed on a potential deal with Freeport-McMoRan Inc., given the run-up in copper prices and recent comments from the world’s largest publicly traded producer of the industrial metal.

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