ENG LIS H

ADVANCING
TRADE
TRAFIGURA GROUP CORPORATE BROCHURE
BUSINESS
HIGHLIGHTS*

$98.1bn
Group revenue
264.4mmt $41.2bn
Combined volume Total assets
of commodities traded**

65% 205.4mmt $45.0bn+

Oil and Petroleum Products revenue Oil and Petroleum Products Financial lines available to Trafigura
as a percentage of Group revenue total volume traded

35%
Metals and Minerals revenue
14.9mmt
Metals total volume traded
3,878
Shipping and chartering
as a percentage of Group revenue fixtures per year

44.1mmt
Minerals total volume traded
4,107
Average number of employees
over the year

* Trafiguras financial year runs from 1 October 2015 to 30 September 2016.

** Million metric tonnes.
 OV E RV I E W
ADVANCING
TRADE

Trafigura is one of the worlds leading independent CONTENTS

commodity trading and logistics houses. Overview

02 Trafigura at a glance
Every day, around the world, Trafigura is 04 How were advancing trade
around the world
advancing trade. We are developing markets, 10 Business model and structure

investing in infrastructure, building connections Performance capabilities

12 Oil and Petroleum Products Trading
and cementing alliances. 18 Metals and Minerals Trading
22 Shipping and Chartering
24 PumaEnergy
We see global trade as a positive force. 25 DTGroup
26 Impala Terminals
We go further to make trade work better. 30 Mining Group
Corporate responsibility
Whether youre a producer, a service provider 34 Investing in responsible trade
35 Trafigura Foundation
or an end-user, our focus, commitment and global
resources can get you closer to your markets.
In these pages we set out what we do and
how we can add value to your business.

TRAFIGURA CORPORATE BROCHURE01

OVERVIEW

TRAFIGURA
AT A GLANCE
Trafiguras core business is physical trading and logistics; our assets and investments
complement and enhance these activities. With 61 offices in 36 countries,
Trafiguras network extends to every corner of the globe.

TR ADING ACTIVITIES

Oil and Petroleum Products Metals and Minerals

In a fragmented market where no single company has
a dominant position, we are one of the worlds largest
traders by volume of oil and petroleum products.
Trafigura is one of the few oil and petroleum products
traders with global presence and comprehensive
coverage of all major markets.
The Oil and Petroleum Products Division is supported
by offices across the world including in Beijing, Calgary,
Geneva, Houston, Johannesburg, Mexico City,
Montevideo, Moscow, Mumbai and Singapore.
We are one of the worlds largest metals and minerals
traders. We negotiate offtake agreements with miners
and smelters and invest in logistics through our subsidiary,
Impala Terminals, to improve market access for our clients
The Metals and Minerals Division is supported by offices
across the world including in Geneva, Johannesburg,
Lima, Mexico City, Montevideo, Mumbai, Shanghai,
Singapore and Stamford.

205.4 mmt
Oil and Petroleum Products volume traded
59.0mmt
Metals and Minerals volume traded
(2015: 146.3mmt) (2015: 52.1mmt)

DIVISIONAL PERFORMANCE DIVISIONAL PERFORMANCE

2016 2016 205.4 205.4 2016 2016 14.9 14.9 44.1 44.1

2015 2015 146.3 146.3 2015 2015 12.8 12.8 39.3 39.3

2014 2014 120.4 120.4 2014 201411.3 11.3 37.8 37.8

Metals
0 050 50
100 100
150 150
200 200
250 250 0 10
0 20
10 30
20 40
30 50
40 50
60 60 Minerals

Oil and Petroleum Products volume traded (mmt) Metals and Minerals volume traded (mmt)

Shipping and Chartering*

Our Shipping and Chartering desk is closely integrated
3,878
Shipping and Chartering fixtures
into Trafiguras business model, providing freight services (2015: 2,744)
to commodity trading teams internally and trading
freight externally in the professional market.
Operations are based in regional offices in
Athens, Geneva, Houston, Montevideo and Singapore. * Financials relevant to Shipping and Chartering are consolidated within
All post-fixture operations are managed from our Oil and Petroleum Products/Metals and Minerals trading activities.

Athens office.

02TRAFIGURA CORPORATE BROCHURE

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INDUSTRIAL AND FINANCIAL ASSETS

DTGroup Impala Terminals Mining Group Galena Asset Puma Energy**

DTGroup is a business
venture between
Trafigura and Cochan Ltd.
It develops markets in
sub-Saharan Africa, with
a particular focus on
Angola. It works closely
with international and
local partners in the
logistics, trading and
natural resources sectors.
Impala Terminals is a
multimodal logistics
provider focused on
export-driven emerging
markets. It owns and
operates ports, port
terminals, warehouses and
transport assets. It has
particular expertise in
providing efficient logistic
solutions in challenging
environments and
hard-to-reach locations.
The Mining Group
manages mining
operations, develops
projects, conducts
technical audits of existing
and potential partner
projects and provides
advisory and support
services to Trafiguras
trading desks, trading
partners and Galena
Asset Management.
Management
Galena Asset
Management provides
investors with specialised
alternative investment
solutions. It operates
independently, but
benefits from the Groups
insights into the global
supply and demand
of commodities.
Trafigura is a
49.6 percent shareholder
in Puma Energy,
a global oil and
petroleum products
distribution company.
The company manages
over 20 million m3
throughput volumes
via its network of 100
bulk storage terminals,
62 airports and over
2,460 service stations.

50%
ownership
100%
ownership
100%
ownership
100%
ownership
49.6%
ownership

83
employees*
1,625
employees
473
employees
13
years in operation
7,800+
employees

REGIONAL INFORMATION

NORTH AMERICA EUROPE MIDDLE EAST ASIA & AUSTRALIA

6 11 2 12
Offices Offices Offices Offices

LATIN AMERICA AFRICA

23 7
Offices Offices

* All employee numbers represent average annual totals.

** Puma Energy was deconsolidated at the end of the 2013 financial year
at which point Trafigura ceased to control Puma Energy. Locations and
employee number breakdown on the above map do not include Puma Energy.

TRAFIGURA CORPORATE BROCHURE03

OVERVIEW

HOW WERE
ADVANCING TRADE
AROUND THE

WORLD Trafigura helps make trade happen.

We move physical commodities from where
they are plentiful to where they are most
needed reliably, efficiently and responsibly.
We are one of the worlds leading trading firms.
We have built a global business on
service and performance.

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 OV E RV I E W
Advancing trade by
OPTIMISING
US

PHYSICAL
TRADING AND
LOGISTICS
Connecting counterparties reliably, efficiently
and responsibly.
We have built a global business in pursuit of one basic task making
trade flow better. We approach it single-mindedly, bringing all our
energy and resources to bear.
We source, store, blend and deliver commodities according to
precise customer specifications. We manage diverse risks and complex
operational issues. We deploy market knowledge, industry expertise
and world-class infrastructure. Our trading teams have the agility,
intellect and ambition to succeed in increasingly regulated markets.

Advancing trade
GLOBALLY AND
Singapore

AT SCALE
At scale, across the world were at the heart of the
global economy.
Trafigura is active in 36 countries on six continents. Our global network
supports our trading activities. Each of our offices has access to the
knowledge, resources and support of the Trafigura Group. We
continually invest in systems and processes that equip us to operate
effectively in complex markets.
Customers for oil and petroleum products include electric utilities,
refiners, major producers and state-owned oil companies. Metals and
minerals customers range from mining companies to smelters, refined
metals retailers and industrial manufacturers.

TRAFIGURA CORPORATE BROCHURE05

OVERVIEW

Advancing trade with

INTEGRATED
Colombia

SOLUTIONS
Simple, cost-effective and tailored to your needs.
Our services add value at every stage of the supply chain. We access
hard-to-reach locations and offer technical advice and financial support.
We build infrastructure and devise logistics to streamline and simplify
transportation. We operate at scale through state-of-the-art terminals.
We deliver on time, on-spec commodities wherever they are needed.

Advancing trade with

FINANCIAL
Uruguay

STRENGTH AND
RESILIENCE
A trading partner you can rely on, even in the
toughest times.
Trafigura raises funds in the US, Europe and Asia-Pacific, and has lending
arrangements in place with over 120 banks. Our strong balance sheet
generates economies of scale, supports infrastructure investment and
gives us scope to support production with prepayment agreements.
Our prudent approach to risk management unlocks access in
volatile markets.

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 OV E RV I E W
Advancing trade by
INVESTING IN
Brazil

INFRASTRUCTURE
Strategically located infrastructure gets you closer to
global markets.
We invest in ports, terminals and logistics to enhance our physical
trading activities. We build warehouses and storage facilities, operate
truck and barge fleets, purchase and charter ships, and develop mines
whatever it takes to make trade flow better.
Impala Terminals moves coal along the Mississippi, transports oil
from Colombias heartland, concentrates from Mexico and Peru, and
iron ore out of Brazil. Our midstream and downstream energy partner,
PumaEnergy, manages storage and import terminals on five continents.

Advancing tradeby
STRENGTHENING
Zambia

SUPPLY CHAINS
Reducing trading costs and extending services.
Trafigura has built a global presence by challenging the status quo.
We operate in fluid, fast-changing markets. To succeed, we need to stay
agile and responsive.
Sustained success depends on consistently delivering leading-edge
services. We never stop investing in innovation. We develop trade routes
and product categories. We improve logistics. We introduce new
counterparties to global opportunities and strengthen connections
between suppliers and end-users.

TRAFIGURA CORPORATE BROCHURE07

OVERVIEW

Advancing trade with

ENDURING
Bahamas

CUSTOMER
RELATIONSHIPS
Aligning our resources with your long-term priorities.
Trafigura is privately owned and fully independent. We relish that status.
It keeps us focused on what our customers want.
We work to develop strong, self-sustaining relationships with our
customers. We do that by understanding and then meeting their needs.
As a Trafigura customer you have a commercial partner that prioritises
your interests. We dont just focus on the deal, we configure our business
to fit your changing trading requirements.

Advancing trade with

STRATEGIC
Tanzania

PARTNERSHIPS
Strong relationships are built on firm foundations.
Strategic alliances with carefully selected partners extend the scope of
our activities. Financial partners invest alongside us. Industrial partners
contribute valuable, complementary skills and resources.
We are making more progress alongside our partners. We are buying
and building terminals, storage, and productive and processing capacity.
We are integrating assets, boosting performance and realising gains.

08TRAFIGURA CORPORATE BROCHURE

 OV E RV I E W
Advancing trade by
PROMOTING
Peru

TRANSPARENCY
Driving performance and stakeholder engagement.
We believe that transparency comes in many forms from being open
about financial performance, to driving deeper stakeholder engagement,
to improving monitoring and reporting within the organisation and
across our supply chain.
As a major facilitator of global trade, we also believe that natural
resource wealth should be an important engine for economic growth
that contributes to sustainable development and poverty reduction.
Being open about how we manage natural resources gives the
populations in countries where we operate the tools to hold
governments and business to account.

Advancing trade
SUSTAINABLY
Mexico

Generating lasting value for local communities.

Trust is highly valued. It has to be earned one day at a time. We consult
regularly with local communities. We work hard to gain and sustain their
confidence. This is the right way to do business and it makes commercial
sense. Our social licence to operate is reliant on local goodwill.
Maintaining high safety and environmental standards is a
prerequisite. We put down roots wherever we operate. We work closely
with host governments, project partners and local communities to
ensure that the benefits of trade are shared.

TRAFIGURA CORPORATE BROCHURE09

BUSINESS MODEL AND STRUCTURE

OUR BUSINESS MODEL

CREATES VALUE

Our vision is of an increasingly interconnected and prosperous world in which commodities

pass seamlessly from their points of origin to points of need.

WHAT WE DO

We connect producers and end-users of commodities by performing transformations in space, time and form. We use our market knowledge,
logistics and infrastructure:
to move physical commodities from places where they are abundant to where they are in demand (space).
to store physical commodities while supply is unusually high and release inventories at times of high demand (time).
to blend physical commodities to alter their quality or grade according to customer specifications (form).

Transformations in space, time and form

SOURCE STORE BLEND DELIVER

We negotiate offtake
agreements with oil producers,
refiners, mining companies and
smelters. We invest in logistics
that improve market access for
our suppliers.
We store petroleum products
at owned and third-party
tankage. We store metals
and minerals at Impala
Terminals and third-party-
owned facilities.
We blend physical commodities
to regional, market and customer
specifications in strategically
located terminals and
warehouses around the world.
We operate efficient, safe and
high-quality logistics. We move
commodities by barge, truck,
rail, pipeline and vessel in
support of our core trading
activities and for third parties.

ADVANCING TRADE: HOW WE CREATE VALUE

BY MAKING MARKETS WORK BY MANAGING RISK BY SUPPORTING OUR CLIENTS

We use our global network and market
intelligence to connect supply and demand
for commodities and ensure delivery in
the right place, at the right time, to the
right specification.
BY OPTIMISING THE SUPPLY CHAIN
We have developed world-leading logistical
capabilities enabling us to source, store,
blend and deliver oil and petroleum
products, metals and minerals reliably and
efficiently anywhere in the world.
Our business model is resilient in the
most volatile market conditions. We
systematically hedge price risks and have
created systems and processes that enable
us to manage a complex range of operational
and financial risks.
BY INVESTING IN INFRASTRUCTURE
We invest in high-quality infrastructure that
supports our trade flows, such as oil storage
facilities, warehouses, ports and transport.
Our strong financial resources give us the
capacity to add value for our customers
through integrated solutions incorporating
trading, finance, infrastructure investment
and risk management in the physical
commodity sector.
BY ACTING RESPONSIBLY
We are committed to operating and growing
our business in a responsible and sustainable
way. Responsible trade drives economic and
social progress.

10TRAFIGURA CORPORATE BROCHURE

 OV E RV I E W
OUR STRUCTURE
DELIVERS VALUE

Trafiguras core business is physical trading and logistics. Strategic investments in industrial
and financial assets complement and enhance this activity. We structure these investments
as standalone businesses.*
TR ADING ACTIVITIES

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* The size of each segment is not indicative of percentage of ownership or contribution to Trafiguras bottom line.
** PumaEnergy is a separate company to Trafigura; 49.6percent of its share capital is owned by Trafigura.

TRAFIGURA CORPORATE BROCHURE11

PERFORMANCE CAPABILITIES

OIL AND PETROLEUM

PRODUCTS TRADING
Trafigura is one of the worlds largest independent traders of oil and petroleum
products, handling well over four million barrels a day. It is one of the few
independent energy traders with a global presence and comprehensive product
coverage, as well as extensive logistical and storage capability around the world.

SERVICE AND PERFORMANCE

Global trading teams based in Beijing, Calgary, Geneva, Houston, As a global trading house we have a detailed overview of macro and
Montevideo, Moscow and Singapore are supported by offices in micro trends. As physical traders, we experience economic fundamentals
Johannesburg, Mexico City and Mumbai. first hand. At a time when markets are in flux, we have the resources and
agility to accommodate rapidly evolving customer needs.

205.4mmt 65%
Total volume traded Contribution to global revenue
Trafigura has the inherent strengths to respond effectively in
fast-changing markets. We invest in world-class assets and logistics to
streamline and simplify physical delivery. Our integrated trading
operation has strong expertise across the product spectrum with global
trading desks delivering relevant, distinctive, innovative services and
Oil and Petroleum Products total volume traded (mmt)
outstanding performance.
2016 205.4
CRUDE
In the crude oil market, we use our global presence, market knowledge
2015 146.3 and logistics capabilities to balance supply and demand, optimise supply
chains and service the needs of our customers around the world.
2014 120.4 Globally, we store and transport over 1.7 million barrels of crude daily.
Trafiguras crude team has strong technical capabilities. These,
0 50 100 150 200 250
combined with our deep understanding of physical flows, allow us to
respond rapidly to changing market dynamics and non-standard crude
oil opportunities.
We source oil from a variety of counterparties including public
Trafigura has the inherent production companies, oil majors and national oil companies (NOCs).

strengths and agility to respond

We provide distribution solutions for producers, and assist refineries
with tailored shipments and specialist financing.
effectively to fast-changing markets. Our substantial North American business includes a blending hub
in Louisiana and a logistics-based offering in Texas. Our extensive US
We invest in world-class assets and domestic lease activity in the Eagle Ford Shale and the Permian regions

logistics to streamline and simplify

continues to expand.
We have established a leading position in the burgeoning US crude
physical delivery. export business. Strong relationships with producers and refineries in
Europe and beyond are helping us to place shipments even at times of
over-supply.
Our thriving business in Africa encompasses both significant
exports and imports. In Asia, we are an active participant in both sweet
and sour grade trading and we continue to grow our assets in the region.
In China, we have developed a strong presence, growing business with
NOCs and private-sector refineries.
We control tankage at strategic locations in Europe and supplement
this with short- and long-term leases. We have access to long-term
supplies of tradable oil streams and excellent relationships with
regional refiners.

12TRAFIGURA CORPORATE BROCHURE


Corpus Christi storage terminal, Texas, US.
GASOLINE
The gasoline team manages one of the worlds largest seaborne gasoline
books. We have an active market presence in components, and
extensive, strategically located tankage.
Our key strengths in this volatile market include a large storage
footprint around the world, a close trading relationship with
downstream investment Puma Energy and our carefully managed global
distribution system.
We source, store, blend and deliver cost-effective gasoline to our
customers around the world, with an emphasis on quality service and
optimal performance. We have built up long-standing relationships with
NOCs, major refiners, and downstream partners in every core
trading region.
We maintain major blending hubs on the Gulf Coast, New York
Harbour, in the Mediterranean and Singapore and lease tankage globally.
We have a considerable ocean-bound charter fleet and are active in the
pipeline trade. These assets give us the capacity to respond to our
customers needs with considerable flexibility.
Growing markets East of Suez remains a priority. We have grown
our presence in both China and India, and are increasingly active in the
rapidly evolving Far East market.
Our integrated offering in the Americas is built on strong
relationships with US refiners and substantial storage capacity in the
Gulf , Caribbean basin and New York Harbour. We have some significant
customers in Mexico, Colombia and Brazil and we supply fuel to Puma
Energys extensive distribution network in Central America.
P E R F O R M A N C E C A PA B I L I T I E S
FUEL OIL
Our fuel oil trading team combines global presence, market knowledge
and efficient logistics to connect producers and end-users. Trafigura
trades over 600,000 barrels of fuel oil and 150,000 barrels of feedstocks
per day. We serve the needs of our customers by blending in and
shipping between our 13.5 million-barrel global network of leased and
owned storage facilities in Rotterdam, Singapore, Malta, Fujairah,
Panama and Houston.
Our team has built an effective global trading culture, a significant
and sustainable feedstocks business, and is developing closer ties to
end-users in the bunker market.
Our trading and operations teams work closely with customers to
bring value to the supply chain. Together with our team of analysts we
are positioning ourselves to capture opportunities in changing market
conditions.
MIDDLE DISTILLATES
Middle distillates are traded in integrated global markets. Trafiguras
network comprises offices across the globe and holds one of the largest
middle distillates books.
Our mid-distillates trading operation covers jet fuel, diesel and gas
oil. It leases storage globally and uses tankage to blend products to local
specifications and premium-priced fuels. We trade the full range of
distillates, from low to high sulphur.
With cleaner diesel requirements being implemented around the
world coupled with the continued refinery upgrades and new capacity,
volumes of low-sulphur diesel are increasing rapidly. Trafigura is
well-placed to serve this market efficiently.
TRAFIGURA CORPORATE BROCHURE13
Naphtha storage at Impala Terminals Barrancabermeja facility, Colombia.

NAPHTHA BIODIESEL
Trafigura is one of the worlds leading naphtha traders and one of the We work to promote biodiesel as a sustainable alternative and adjunct
few with a US export facility. We source, store and blend all the most to fossil fuel-based diesel and are active on all the major international
actively demanded products and grades, supporting trade flows to the trade routes.
Far East, South America, Africa and Europe. The biodiesel desk is fully integrated within our global distillates
Our naphtha teams operate in Singapore, Geneva and Houston team. We source supplies globally, both directly from agribusinesses and
with local offices managing origination and business development. through the professional markets. We have built strategic partnerships
We work with colleagues in Dubai, Montevideo, Puerto Rico and with producers in the Americas, Europe and Asia.
West Africa. We have the ability to blend, store and transport biodiesel and
We focus on long-term relationships and work with our customers ethanol anywhere in the world. Our customers include oil majors,
to meet changing needs. Our broad product coverage allows us to take refineries and downstream suppliers.
advantage of naphthas high substitutability. The naphtha teams work
closely with the gasoline, condensate, crude and LPG desks to assess
relative pricing for different products and grades and maximise our
ability to deliver targeted, cost-effective shipments to our customers.
CONDENSATE
Trafigura is a leading international condensate trader. We trade in all
parts of the world, bringing a wide variety of grades to market.
We use terminals in the Arab Gulf, the Baltic region and the Far East
for blending, and building or breaking bulk.
We have offtake agreements with numerous oil and gas producers.
We are developing new uses for condensates with a diverse customer
base that includes refineries, splitters and petrochemical facilities.
The end of the 40-year ban on US crude oil exports has shifted the
dynamics of the condensate market. We are meeting rising global
demand through our access to Eagle Ford shale and our stake in the
Buckeye Partners splitter at the Corpus Christi terminal hub in Texas.
(See page 17 for more details.)

14TRAFIGURA CORPORATE BROCHURE


The Hoegh Gallant, chartered by Trafigura, leaving shipbuilders in Ulsan, South Korea.
LIQUEFIED PETROLEUM GAS (LPG)
Trafigura is a leading trader in the rapidly changing LPG market.
The US is consolidating its position as the worlds biggest LPG
exporter. As a shareholder in the Buckeye Partners 1.1 million barrel
terminal hub at Corpus Christi, Texas with exclusive throughput rights
at this facility, Trafigura is an active participant.
As an LPG producer in control of our own storage facilities we can
tailor cargo specifications to suit a wide range of customers, from
petrochemical consumers and blenders to autogas and bottled
gas consumers.
In addition to our facility in South Texas we work closely with
our industrial investment, Puma Energy, which owns and operates
LPG storage and distribution networks in strategic locations across
the world.
Our global presence and very strong logistical system support our
trading activities. Effective vessel rotations, high-traded volumes, and
rapid decision making allow us to prioritise clients requirements and
respond quickly to changing market conditions.
Our specialised team of LPG operations and char tering
professionals works alongside our traders. They manage a large and
rapidly evolving fleet of LPG tankers, ranging from small pressurised to
Very Large Gas Carriers (VLGCs).
P E R F O R M A N C E C A PA B I L I T I E S
LIQUEFIED NATURAL GAS (LNG)
Trafigura was an early entrant in LNG and is now the worlds leading
independent trader in this rapidly growing energy market. The LNG
team, based in Geneva, Singapore and Houston, works closely with our
regional offices as well as our coal desks. LNG trading activity is well
diversified globally, with a focus on Latin America, Europe, Middle East,
Africa and Asia. Trafigura has also further expanded its natural gas
trading capabilities in Europe and the US.
With LNG market liquidity expanding rapidly, independent traders
such as Trafigura are increasingly able to add value, matching new
buyers with different sources of supply.
Our LNG infrastructure business supports our customers
with strategically deployable assets that offer low cost, flexibility
and modularity.
We will continue to provide innovative and flexible products to our
clients and continue to invest in infrastructure where we can add value.
TRAFIGURA CORPORATE BROCHURE15
 CORPUS CHRISTI:
TERMINAL AND CONDENSATE SPLITTER

STR ATEGY

EXTENDING
OPTIONALITY
BY INVESTING IN
INFRASTRUCTURE
16TRAFIGURA CORPORATE BROCHURE

IMPLEMENTATION
OUR JOINT VENTURE WITH BUCKEYE
POSITIONS US TO TAKE ADVANTAGE OF
CHANGING MARKET CONDITIONS IN
US OIL AND PETROLEUM MARKETS
In 2014, we sold a controlling stake of
a Corpus Christi terminal complex to
Buckeye Texas Partners (BTP). Buckeye
Partners now owns 80percent of this joint
venture; we retain a 20percent equity
interest. The sale released USD860million
for reinvestment in other business activities.
Strategically, we have retained
exclusive commercial rights to use
the terminal.
BTPs vertically integrated system of
midstream assets is strategically located
on the Gulf Coast, in Corpus Christi, Texas,
close to Eagle Ford production, one of
the most prolific and economically
advantageous shale plays in the US.
The terminal has sixmillion barrels
of tankage for varied energy products,
including crude oil, LPG, distillate and
naphtha. There is pipeline connectivity
to Eagle Ford and a deep-draft marine port
that accommodates ocean-going vessels. It
also includes one of the largest refrigerated
LPG storage facilities in the US.
In 2015, BTP commissioned a
state-of-the-art condensate splitter.
This 50,000 barrel per day processing
facility is the second standalone splitter
to be completed in the US and gives us
the ability to refine crude and condensate
locally and export the products globally.
Trafigura and Buckeye Partners LPs condensate splitter at Corpus Christi Facility, Texas, US.
Main image: LPG vessel at Corpus Christi terminal, Texas, US.
P E R F O R M A N C E C A PA B I L I T I E S
Energy markets are volatile and highly
cyclical. To operate successfully across
the cycle we need to maintain significant
flexibility in our trading portfolio. This
thinking underpinned Trafiguras initial
investment in the Corpus Christi terminal.
By retaining our rights to make use of this
infrastructure we have maintained
optionality to transport crude oil or
products to the best available home.
In addition, we secured a reliable partner
and operator with strong safety credentials
and extensive experience. Buckeye Partners
LP has been a specialist in this sector for
over a century.
Our partnership with Buckeye
connects us with a company that operates
well over 100 terminals in the US. Being
aligned with such a business will enhance
our ability to move into new US markets
quickly when opportunities arise.
6m
Barrel storage capacity
50,000bpd
Capacity condensate splitter
TRAFIGURA CORPORATE BROCHURE17
PERFORMANCE CAPABILITIES

METALS AND
MINERALS TRADING
Trafigura is one of the worlds largest metals and minerals traders.
We are building global connectivity between miners, smelters and refined
metal fabricators.

STRATEGIC PARTNERSHIPS AND LONG-TERM COMMITMENT

Global trading teams are based in Geneva, Montevideo, Singapore Slower economic growth in China and its managed transition from
and Stamford and supported by offices in Johannesburg, Lima, export-led manufacturing towards domestic consumption have
Mexico City, Mumbai and Shanghai. dramatically reshaped demand for international metals and minerals. In
some markets primary producers have already scaled back production;

35%
Contribution to global revenue
59.0mmt
Total volume traded
in others price adjustments will still be needed.
While we do have some assets with price exposures, these are
minimal within the scope of our trading activities. This allows us to focus
Metals and Minerals total volume traded (mmt)
on our business partners and prioritise their interests.
The strong headwinds in the metals complex also yield
value-based investment opportunities for committed market
2016 14.9 44.1
participants. We are investing for the long term alongside our strategic
financial partners.
2015 12.8 39.3 We differentiate ourselves through innovative solutions that utilise
our various strengths all supported by a truly global presence. We are
committed to growing traded volumes so that we can gain from the
2014 11.3 37.8
significant economies of scale in the sector.
We offer financial assistance to producers through offtake
0 10 20 30 40 50 60
agreements and develop downstream outlets that underpin volume
Metals Minerals growth. We enter strategic alliances and invest in infrastructure which
streamlines and simplifies supply chains.
CONCENTRATES
Trafigura is committed to growing Trafigura is the market leader in copper, lead and zinc concentrates

traded volumes so that we can gain

trading, and a leading alumina and nickel trader. We source copper, lead
and zinc from resource-rich areas in Africa, Australia, Canada, China,
from the significant economies of Europe, Indonesia, South America and the US. Our alumina comes from
refineries in Australia, Brazil, China, Europe, India and Jamaica.
scale in the sector. Our Geneva-based trading teams are supported by regional and
local offices around the world. We work closely with our partners to
develop long-term relationships and to guarantee a consistent,
high-quality service.
On the demand side, we are creating a more coherent supply chain
for our customers using geographical and quality arbitrages.
Carefully selected investments in infrastructure are furthering
volume growth. Our joint venture with Mubadala of Abu Dhabi has
doubled capacity at the MATSA concentrates mining complex in Spain.
The mine links to our state-of-the-art logistics and warehousing
operation at Huelva and enhances our ability to serve European and
Asian markets. In China, our strategic partnership with Jinchuan Group,
gives us a minority stake in its Fangchenggang copper smelter and

18TRAFIGURA CORPORATE BROCHURE

 P E R F O R M A N C E C A PA B I L I T I E S
Aluminium in storage, Dubai, UAE.

access to supply and offtake agreements covering both copper Our minority stake in the leading metals processing group,
concentrates and refined metals. Nyrstar, supports a growing zinc and lead business in Europe.
In lead and zinc concentrates, we are building on our market In India, our online refined metals procurement platform, Lykos, is
leadership by sticking to our established strategy of carefully selecting changing the way small- and medium-sized manufacturers buy metal.
counterparties and maintaining mutually beneficial long-term We have formed a joint venture with Indias largest copper cable
relationships with suppliers and producers. manufacturer to build a copper wire rod manufacturing facility
Trafiguras recently established nickel concentrates trading team in Gujarat.
is ranked number two globally by volume. The desk is building
IRON ORE
long-term sustainable business by diversifying its geographical scope
We trade the whole spectrum of iron ore products and grades, including
and customer base.
fine, low-grade and high-grade lump and pellet feed. Our origination
Our alumina trading team maintains strong relationships with
teams operate in all the main exporting countries.
refineries and smelters, focusing principally on the increasingly
We use our extensive international network to connect specific
important Chinese market. In volatile market conditions the Groups
buyers with particular grades of stock. We deal with the major producers
financial strength is an important lever as we develop sustainable
in key exporting countries such as Australia and Brazil, where we have
relationships and establish strong supply chains.
good access to cost-competitive supplies, as well as with smaller mining
Through Impala Terminals, we are investing in first-class logistics
concerns in India, South Africa, Mexico and Chile.
and infrastructure to facilitate the safe, prompt passage of product to
Our sales teams in China have built up strong contacts with steel
market. We combine our warehousing, blending and transport
mills and local trading houses. We have expanded our value proposition
capabilities to aggregate base tonnage, align blends with specific import
to global steel producers by sourcing coking coal for them through the
and customer requirements, and transport products to Western Europe,
coal desk.
China, South East Asia, the US, Russia and Japan.
Impalas terminal network also provides the business with an
REFINED METALS important competitive advantage. The 50-million tonne capacity Porto
Trafigura is the market leader for the majority of the refined metals Sudeste facility south of Rio de Janeiro in Brazil, jointly controlled with
we trade. Mubadala, provides a vital international gateway for miners in the
Our refined metals department trades the following core metals countrys iron ore quadrangle.
copper cathodes, copper blister and copper wire rods, aluminium, lead,
COAL
zinc, nickel and precious metals.
We have steadily built up traded volumes in recent years to become one
Our group is also very familiar and experienced with scrap, steel,
of only two truly global market operators.
tin, cobalt and specialty alloys or further downstream products of the
The coal market is becoming more challenging. Several major
core metals we trade. Our participation in these markets, however, is
economies are acting to reduce their reliance on coal in the energy mix
opportunistic and based principally on where we can add value to the
and there is increasing competition from alternative energy sources. The
value chain.
regulatory environment is less favourable.
We maintain a global presence. We have the knowledge on the
We remain committed to the market. Our focus is on developing
ground to source metals swiftly and cost-effectively from around the
advantageous origination strategies, novel trading flows, and innovative
world. Our focus is on building volume and meeting the varying needs
delivery methods that will allow us to continue to build volumes and
of producers and end-users.
grow market share.
In increasingly competitive market conditions, the ability to
We apply these approaches across the full range of thermal coal
respond swiftly to shifting patterns of demand is a key point of
qualities, in all the major points of origin, and across all the major global
differentiation. The refined metals and concentrates teams collaborate
sales markets. We also serve coking coal customers across the world and
closely, using a range of tools to facilitate trading, including structured
are growing our presence in coke and petcoke.
finance and tolling models.
Our global sales network, strength and reliability as a contractual
We maintain strong positions in China. Slowing demand for
counterparty continue to generate opportunities. Our positions evolve
international commodities in this critical region is rebalancing markets
with changing patterns of trade and relative pricing. But our approach
and shifting trading priorities. Unlike many other international metal
remains fundamentally unchanged: we employ our extensive physical
traders, we operate through a domestic trading subsidiary in the
trading positions to deliver valuable intermediation and logistics
country. This is an effective platform for developing and maintaining
services to our clients.
close trading relationships.

TRAFIGURA CORPORATE BROCHURE19

 JINCHUAN GROUP:
STRATEGIC PARTNER

STR ATEGY

JOINING
FORCES
TO CONSOLIDATE
MARKET
LEADERSHIP
20TRAFIGURA CORPORATE BROCHURE

IMPLEMENTATION
TRAFIGURA HAS EMBARKED ON A JOINT
VENTURE WITH JINCHUAN GROUP WITH
A 30 PERCENT SHAREHOLDING IN ONE OF
ITS MAJOR CHINESE COPPER SMELTERS
Trafigura and Jinchuan Group enjoy a
healthy business relationship founded on
trust and mutual respect. We have built
closer ties over several years by striving
for consistently excellent service.
In 2015, we became a shareholder in
a subsidiary of Jinchuan Group, acquiring a
stake in one of Chinas largest standalone
copper smelters, in Guangxi province.
Our 30percent shareholding is linked to a
multi-year commercial agreement. Trafigura
will deliver 30 percent of the new facilitys
concentrates and offtake 30 percent
of its copper cathode production.
The partnership brings together
two companies with solid credentials
and complementary strengths in the
copper market.
The new entity combines strong
capabilities in metals production, raw
materials sourcing, product marketing,
financing, risk management and logistics.
Jinchuan is Chinas third-largest
copper producer. Its heartland is in the
north-west of the country, from where
it serves the domestic market. However,
high transportation costs to and from that
location, along with supply concerns about
domestically produced raw materials, have
constrained its business model.
In 2013, it completed construction of
a 400,000 tonnes per year smelting facility
on Chinas south coast. The smelter is
ideally located for cost-effective access
to concentrates available from offshore
Anode casting inside the Jinchuan facility.
Main image: Drying and blending of copper concentrates at Jinchuan Groups copper smelting facility in
Fangchenggang, China.
P E R F O R M A N C E C A PA B I L I T I E S
suppliers. It is also perfectly positioned to
sell its products to both the domestic and
export markets.
Trafiguras strong network of offshore
concentrates suppliers will allow the joint
venture to optimise its raw materials
sourcing pool. Our chartering department
will give it logistical economies of scale.
The joint venture will also have access to
our pool of international financing contacts
helping bring down its overall cost of
financing and diversify its financing channels.
Our risk management capabilities will help
it trade effectively in todays volatile markets.
China currently accounts for 65 percent
of Trafiguras copper concentrates sales, a
proportion set to increase as growth in the
global copper market is centralised in China.
In securing such a renowned and strongly
established long-term partner in China,
Trafigura takes its metals business to the
next level.
With this transaction, we are the first
international trading firm to make a major
co-investment in a Chinese domestic
smelting business. The partnership has
raised our profile in the copper market and
the two companies are actively discussing
broader cooperation in the future.
400,000t
Smelting capacity per annum
TRAFIGURA
TRAFIGURA CORPORATE
CORPORATE BROCHURE21
LOGISTICS CAPABILITIES

SHIPPING AND
CHARTERING
Trafigura Maritime Logistics arranges shipping and freight services to
Trafiguras various commodity trading teams as well as to third-party clients.
It operates as a service provider securing competitive and reliable freight for
our in-house oil, metals and minerals traders. The Wet and Dry Freight desks
also operate respectively as profit centres in their own right.

A RELIABLE PARTNER FOR OCEAN FREIGHT TRANSPORT

All commercial shipping and chartering activities are managed out
of Trafiguras key regional offices. All post-fixture operations, which
include issuing voyage orders, completing stowage plans,
negotiating with port agents and handling demurrage claims are
managed centrally from our Athens office.
Trafigura Maritime Logistics is a provider of ocean freight services
carrying multiple commodities on various ship types and sizes
worldwide. We use both time and voyage charters to adapt to our
customers needs and deliver cargo reliably and efficiently.
With more than 20 years experience as the exclusive carrier of
Trafigura Group cargo, we understand the importance of a reliable

3,878
Shipping and Chartering fixtures
freight partner when moving essential raw materials and commodities.
CAREFUL RISK MANAGEMENT
(2015: 2,744) Our freight trading teams lease time-chartered vessels and negotiate
spot fixings to manage physical freight positions for Trafigura and its
2016 Wet and Dry Freight Activity Wet Dry
customers. Our global presence gives us strong insights into freight and
152mmt(1) 30mmt(2)
Tonnage shipped commodity market trends. We manage risk using bunker swaps and
2015: 106mmt(1) 2015: 32mmt(3)
2,974 904 Forward Freight Agreements (FFAs).
Number of fixtures
2015: 1,959 2015: 785
65-70 35-40 COLLABORATING WITH TRADING TEAMS
Average time-charter fleet(4)
2015: 85-90 2015: 40 Our commodity traders rely on real-time freight pricing to structure
(1)
Includes third-party tonnage and internal tonnage fixed internally and externally. transactions for their customers. Freight specialists are embedded in our
(2)
Includes 14mmt external customer tonnage.
trading teams.
(3)
Includes 21mmt external customer tonnage.
(4)
A vessel on hire for longer than three months. Our freight professionals are in constant dialogue with the various
trading desks. Knowledge of traders requirements helps shape freight
trading strategy and capacity planning.
Trafiguras trading and freight activities also combine to extend
With more than 20 years experience Trafiguras service to customers. Our clients can elect to buy

as the exclusive carrier of Trafigura commodities and freight together, on Cost, Insurance and Freight (CIF)
instead of Free On Board (FOB) terms.
Group cargo, we understand the
importance of a reliable freight
partner when moving essential
raw materials and commodities.

22TRAFIGURA CORPORATE BROCHURE


Dry bulk vessels at Impala Terminals and Mubadalas Porto Sudeste iron ore export facility in Brazil.
WET AND GAS FREIGHT
We charter a range of tanker tonnage to meet our physical delivery
requirement s for the worldwide transpor tation of oil and
petroleum products.
Our wet freight desks deal in all vessel sizes, from 2,000 to 300,000
deadweight tonnes (DWT) tankers. The vessels trade in every market
segment, including crude, clean, dirty, LNG and LPG.
We fix vessels on spot voyage, negotiate Contracts Of
Affreightments (COAs) and run a portfolio of time-charter ships with
period commitments spanning 30 days to three years. We work closely
with PumaEnergy, especially in Africa and Latin America, to manage
delivery schedules and optimise fleet utilisation. The wet freight desk
trades ships around the world fixing both external and internal cargoes,
aiming always to maximise the inherent value of the trading platform.
DRY FREIGHT
Around 35percent of Trafiguras annual shipped tonnage is in dry bulk
commodities such as coal, iron ore and mineral concentrates.
These cargoes are shipped using a combination of time charter and
voyage charter. We control on average 40 ships on time charter and
50ships on voyage charter at any one time.
Internally, we act as a service centre to Trafiguras Metals and
Minerals trading desks. Externally, we offer freight services to third-
party customers including miners, steel mills and other trading houses.
P E R F O R M A N C E C A PA B I L I T I E S
RESPONSIBLE SHIPPING
As a trading company that regularly buys and sells cargo from and to oil
majors, we make sure we meet their rigorous standards for shipping and
freight. And we go further, with strict rules governing certification and
vessel quality.
A strict vessel screening policy makes safety top priority. We use
both internal and external vessel vetting services to make sure that we
only charter vessels that are technically suitable for the intended trade.
We also ensure that all our vessels are classified by an accredited
member of the International Association of Classification Societies (IACS).
We require every vessel we charter to have earned at least two
approvals from oil majors using the Oil Companies International Marine
Forum (OCIMF) Ship Inspection Report (SIRE) Programme over the
previous six-month period.
For further information please visit
www.trafigura.com/our-services/shipping-chartering/
TRAFIGURA CORPORATE BROCHURE23
STR ATEGIC PARTNERSHIP

PUMA ENERGY

Puma Energy is a global oil and petroleum products distribution company

backed by strong infrastructure resources in 47 countries across five continents.
The company manages over 20 million m3 of fuel through its network of
100 terminals, 62 airports and more than 2,460 service stations.

FUELLING GROWTH

7.9m m 20.0m m +
Puma Energy is Trafiguras leading downstream trading partner for oil
3 3 and petroleum products. It operates independently but gains synergies
from our access to global fuel markets. Trafigura owns 49.6 percent of
Storage capacity Throughput volumes in 2016
the company.

7,800+ 2,460+
Pumas unique business model focuses on international reach and
downstream delivery. It integrates fuel supply structures and invests in
infrastructure to maximise opportunities in high-growth markets. The
Employees Retail sites
company has expanded rapidly through a combination of organic
growth and acquisition. It has repeatedly proven its ability to incorporate
existing businesses into its portfolio, both in existing markets and new
territories and regions.
MEETING DIVERSE ENERGY NEEDS
Puma markets its fuels through its extensive international retail
network, strong business-to-business distribution channels and
contracts with oil majors and leading oil traders.
Multinational construction companies rely on Puma Energy fuels
in numerous territories. It supplies mining businesses and has long-term
contracts with large power generation companies.
The aviation fuel business operates at 62 airports across the globe.
It services major international carriers, such as Delta, Air France/KLM
and Qatar Airways as well as the US Air Force.
In lubricants, Puma is the worlds largest distributor of Castrol
products. It is also a leading integrated global bitumen distributor, with
facilities in seven countries.
Business lines and retail customers around the world trust Puma
Energy to deliver high-quality fuels safely, reliably and at a fair price.

For further information please visit www.pumaenergy.com

PumaEnergy service station, Brisbane, Australia.

24TRAFIGURA CORPORATE BROCHURE

 P E R F O R M A N C E C A PA B I L I T I E S
INVESTMENT CAPABILITIES

DT GROUP

DT Group is a joint venture between Trafigura and Cochan. It develops markets

in sub-Saharan Africa, with a particular focus on Angola. It works closely
with international and local partners in the logistics, trading and natural
resources sectors.

LOGISTICS
With offices in Geneva, Luanda and Singapore, DTGroups interests DT Shippings fleet of four bunkering vessels is chartered to Sonangol
span trading, shipping infrastructure, asset management Distribuidora. Its vessels transport and supply gasoil to Angolas offshore
and logistics. exploration and production industry.

151 $1.8bn
DT Shipping also has three further tankers, chartered to Sonangol,
to transport refined products from Sonangols storage facilities in
Luanda to help supply their maritime depots, as well as a number of
People employed globally Total assets
support tugs to assist with firefighting and support duties.

7
Owned vessels
$3.9bn
Sales revenue
NATURAL RESOURCES
DT Agro is investing in the agribusiness sector. Its 90-hectare site in
Catumbela is radically improving fruit and vegetable production yields
by combining technology, modern processes and vertical integration.

INVESTING IN AFRICAS FUTURE BUILDING BETTER FUTURES

DT Group leverages the market capabilities and financial strength of The social dimension is a key element in DT Groups business model. It
Trafigura together with the local knowledge and networks of Cochan. pursues initiatives that promote social inclusion, social entrepreneurship
DT Groups flexible business model allows it to seed, develop and and self-reliance. It has set up and endowed the DT Foundation as an
scale up a wide array of projects. It is helping to strengthen markets and independent philanthropic organisation to deliver targeted programmes
promote economic diversification in Angola through its participation in in support of these objectives.
transformative projects.
DEVELOPING MARKETS IN ANGOLA
For further information please visit www.dtsholding.com
Angola is a country with enormous potential. It has a growing population
and abundant natural resources, but it still lacks infrastructure and is
overly dependent on energy exports.
The Government is investing in projects to diversify the economy
beyond the oil sector. DT is involved in key sectors that support
Angolas economic development. The Group maintains flexibility by
bringing international specialists and local partners together for each of
its projects.
DT Group activities span three main areas. Its trading services
leverage Trafiguras international presence to connect Angola with
global markets. Its logistics businesses manage infrastructure
and transportation. In the natural resource arena, it is developing
agricultural assets.
TRADING SERVICES
DT Group trading entities, DTS Refining and DTS Commercial, trade
gasoil, gasoline, jet, LPG, bunker fuel and bitumen with Sonangol,
Angolas state-owned energy company.
DT Group Ana Nzinga vessel off the coast of Angola.

TRAFIGURA CORPORATE BROCHURE25

LOGISTICS CAPABILITIES

IMPALA
TERMINALS
Impala Terminals is a multimodal logistics provider focused on export-driven
emerging markets. Impala owns and operates ports and warehouses which,
combined with its transport assets, provide end-to-end logistics solutions for
dry and liquid bulk cargoes, general cargo and containers for Trafigura and
third-party clients.

PROFESSIONAL OPERATIONS IN CHALLENGING ENVIRONMENTS

$375.8m 18
Impala has a substantial presence in emerging markets and particular
expertise in providing efficient logistic solutions in challenging
Sales revenue Countries of operation environments and hard-to-reach locations.
(2015: USD340.2million) Impalas multimodal capabilities connect producers, end-users and
international markets with a key focus of increasing efficiency. Its

1,625
Employees
23
Locations worldwide
logistics solutions across Africa and in Brazil, Colombia, Peru and Spain
integrate barge, truck, rail, storage and direct berth access. In Colombia,
Impala has developed the first, fully multimodal logistics system linking
(2015: 1,794)
major ports with the economic heartland and resource-rich regions.
Impala places significant emphasis in conducting operations in a
safe and environmentally responsible manner and with particular

Impalas multimodal capabilities attention paid to working closely with local communities through
engagement and a focus on recruiting local people wherever possible.
connect producers, end-users and DEVELOPING MULTIMODAL LOGISTICS

international markets with a key
focus of increasing efficiency.
Impalas USD1 billion investment in Colombia is transforming the
Magdalena River into a multimodal logistics corridor, with over 130
double-hulled, dry and wet cargo barges to transport oil and other liquid
bulk products, containers, coal and other commodities to and from the
main Colombian ports on the Caribbean Sea.
Our purpose-built river port at Barrancabermeja, Colombia, is a
consolidation hub, connecting river, road and rail cargoes. On the Paran
River, a fast-growing barging operation links Trafiguras oil storage
terminal at Campana, Argentina with upstream ports in Paraguay, Brazil
and Bolivia.
Impalas metal concentrates operation in Callao, Perus leading
commercial port, and in Manzanillo, Mexico provide safe, high-quality
services through advanced processes based on over 25 years experience
and a continuous focus on innovation.
In Africa, Impala is improving service quality and reliability in some
of the most challenging operating environments. It has upgraded
facilities at Ndola, Zambia and refurbished its port terminal at
Dar es Salaam, where multimodal connectivity links traffic by road, rail
and sea.

26TRAFIGURA CORPORATE BROCHURE

 P E R F O R M A N C E C A PA B I L I T I E S
Impalas new terminal at the port of Huelva, Spain.

INVESTING IN MULTIMODAL TERMINALS continents, moves 75,000 containers annually both for Trafigura and,
Impala jointly controls a 50-million tonne capacity iron ore export increasingly, for third-party customers.
terminal at Porto Sudeste in Brazil with Mubadala Investment and
BUILDING CAPACITY
Development Company. Porto Sudeste connects directly with Brazils
Impala is investing internationally to build capacity and consolidate its
iron ore quadrangle in Minas Gerais state via the privately owned MRS
global presence. Strategically located infrastructure and multimodal
railway. The port is a major export hub for the countrys iron ore mining
logistics are streamlining supply chains and facilitating global trade. At
operations, with blending operations that enhance the marketability of
scale and across the world, Impala has the capabilities and the people to
their products globally.
forge safe, reliable and cost-effective links between commodity
Impalas USD300 million investment to refurbish and expand a
producers and end-users.
state-of-the-art bulk storage terminal on the Mississippi River has
transformed Burnside into a strategic hub. It links the US coal producing
heartland with international export markets. For further information please visit www.impalaterminals.com
Its newest terminal, at Huelva port in Spain, offers 240,000 tonnes
of warehouse static capacity and a 550-metre private berth. It is set to
become a hub port in western Europe for metal concentrates and a
strategic gateway for Spains mining industry.
DELIVERING END-TO-END SERVICE
Many of the worlds top companies rely on Impala to move, store, blend
and deliver their bulk commodities efficiently.
For customers looking to deliver domestically, Impala offers
storage, onward shipping and final-mile delivery. Value-added
services include containerisation, blending, weighing, sampling and
laboratory testing.
The companys global container freight forwarding business further
enhances reliability, cost-efficiency and access to its customers. Its
freight forwarding operation, based in seven locations on four

TRAFIGURA CORPORATE BROCHURE27

 COLOMBIA:
MULTIMODAL LOGISTICS INVESTMENT

STR ATEGY

SHAPING
A MORE PROSPEROUS
FUTURE FOR
COLOMBIA
28TRAFIGURA CORPORATE BROCHURE
 P E R F O R M A N C E C A PA B I L I T I E S
IMPLEMENTATION

IMPALA TERMINALS IS DEVELOPING

A MULTIMODAL LOGISTICS SOLUTION
THAT INTEGRATES INTERNATIONAL
TRADE WITH COLOMBIAS INTERIOR
Impala Terminals USD1billion-plus Across Colombia, we work continuously
investment in Colombia is one of the with the communities most affected by our
most ambitious projects ever undertaken activities to understand and incorporate
by the Trafigura Group. We aim to develop their concerns. We buy the newest
a unified, multimodal logistics solution equipment, invest in high-quality training
that integrates international trade with and commit to demanding HSEC and
the domestic economy. service standards, both for our own
Impala Terminals is transforming employees and our contractors. We are
logistics provision on the River Magdalena. helping Colombias economy reach the
Our fleet of over 130 double-hulled next level by transforming its logistics.
barges connects ports on the Caribbean
Sea with a purpose-built terminal
600 kilometres inland.
At Barrancabermeja we have
invested USD450million in a state-of-
$1bn
Total investment
the-art fluvial terminal for hydrocarbons,
general cargo and container cargo. This is
a key interchange platform between road
and river routes, and a gateway to
international markets.
720,000bbls
Oil storage capacity for crude and naphtha
Barrancabermeja commenced early
operations in 2015. As the terminal steps
up its activities it is delivering increasing
socio-economic benefits. Industrialising
the river has brought jobs and skills; many
new businesses have sprung up. There are
environmental gains too. Every six-barge
convoy on the river means 250 fewer
1,200 kilometre journeys by truck.

Container to barge loading at riverside port at Barrancabermeja, Colombia.

Main image: Impalas recently completed riverside port at Barrancabermeja, Colombia.

TRAFIGURA CORPORATE BROCHURE29

PRODUCTION CAPABILITIES

MINING GROUP

The Mining Group manages mining operations, develops projects, conducts

technical audits of existing and potential partner projects and provides advisory
and support services to the rest of the company.

OPTIMISING GROWTH
Trafigura Mining Group has a three-part strategy. It grows existing

4.4mmt
Ore extracted at MATSA mine,
0.7mmt
Ore extracted at Catalina Huanca mine,
operations organically, develops new projects where opportunities arise,
and provides technical services to assist Trafigura Group and its partners.
Trafigura Mining Groups main operations are in Latin America,
Spain in 2016 Peru in 2016
Europe and the Caribbean. The Group operates the Catalina Huanca
mine in Peru and is active in Brazil and Cuba.
Its flagship mining operation is owned in a 50-50 joint venture with

Trafigura Mining Group grows Abu Dhabi-based investment and development company Mubadala.
Aguas Teidas (MATSA), produces copper, zinc and lead concentrates
existing operations organically, along with some silver on the Iberian Pyrite Belt in Spains south-
western region of Andalusia (see page 33 for more details).
develops new projects where EXPANDING MATSA
opportunities arise, and provides A EUR220 million, two-year expansion programme at MATSA has
created one of Spains largest mining operations. Major new deposits
technical services to assist Trafigura and a second treatment plant have doubled production capacity in

Group and its partners. recent years from 2.3 million to 4.4 million tonnes annually.
A brand new mine, Magdalena, the first in Spain for decades came
on-stream in 2015. The satellite Sotiel mine, located near MATSA, was
reopened to feed the expanded treatment plant while production
ramps-up at Magdalena.
Impalas 135,000m 2 logistics terminal at the Port of Huelva
provides additional storage and carries out blending to prepare
shipments that meet customer requirements.
Magdalena features exceptionally rich copper concentrate
deposits. We are optimising productivity and implementing effective
HSEC procedures to give MATSA one of the lowest break-even
production costs in the global copper mining industry.
A MORE PRODUCTIVE FUTURE FOR CATALINA HUANCA, PERU
The Catalina Huanca mine in Peru produces copper and zinc
concentrates with some gold and silver. This has always been a relatively
expensive mine to operate primarily because of its remote location and
limited mine-life.
The Mining Group has increased efficiency and lowered production
costs at Catalina Huanca. It has also consulted closely with the local
community to win support for its strategy. These initiatives have
enhanced the mines economic viability and helped to extend its
productive life.

30TRAFIGURA CORPORATE BROCHURE

 P E R F O R M A N C E C A PA B I L I T I E S
Compacted filtered tailings disposal at Catalina Huanca copper and zinc mine, Peru.

Catalina Huanca is now in good shape to weather the continuing

weakness in commodity prices and to benefit from the upturn in the
zinc market.
CONSOLIDATION IN BRAZILS IRON QUADRANGLE
In Brazil, the Mining Group along with Mubadala, has acquired the
Trafiguras wholly owned investment subsidiary, Galena Asset
Tico-Tico and Ipe iron ore mining and processing assets from the
Management, takes a long-term interest in commodity-type private
creditors of MMX Sudeste. The assets represent an opportunity for
equity opportunities.
Trafigura to expand in the ferrous mining business and will complement
It has raised USD400 million through the Galena Private Equity
the Porto Sudeste port business also jointly controlled by Impala
Resources Fund to invest in the equity and debt of metals and mining
Terminals and Mubadala.
companies. To date, half of the Fund has been allocated to assets in
The Mining Group is interested in exploring further opportunities
the Democratic Republic of the Congo and the US. It has recently
and to play a role in the consolidation of the fragmented mining industry
recapitalised and restructured these investments in the light of low
in Brazils Belo Horizonte region.
commodity prices.
CUBAN COLLABORATION Galena continues to prospect for suitable resource investments
The Mining Group has consistently demonstrated its ability to deploy offering strong underlying asset value and the opportunity to
expertise and investment in challenging economic or political apply management and financial capabilities from the wider
environments. Emincar, a joint venture with the Government of Cuba to Trafigura Group.
develop the Castellanos zinc and lead mine is the most recent example.
Expected to be operational by late-2017, this has the potential to For further information please visit www.galena-invest.com
develop into a significant part of our portfolio and an important export
for the Cuban economy. The Mining Group will manage operations and
oversee capital expenditure for the project.
TECHNICAL SERVICES
Our global technical team includes internationally renowned mining
specialists and provides a range of specialist services. Geologists, mining
engineers, metallurgists, project management experts and mining
industry veterans travel the world, providing assistance where it is
needed. The team has provided expertise to support a range of projects,
including Jinchuans new copper smelter in China and due-diligence
work with iron ore producers in Brazil.

For further information please visit

www.trafigura.com/mining-group/

TRAFIGURA CORPORATE BROCHURE31

 MUBADALA INVESTMENT AND DEVELOPMENT COMPANY:
STRATEGIC PARTNER

STR ATEGY

GROWING
TRADED VOLUMES IN
CHALLENGING MARKET
CONDITIONS
32TRAFIGURA CORPORATE BROCHURE

IMPLEMENTATION
TRAFIGURA AND MUBADALA ARE SHARING
SKILLS AND CAPABILITIES TO ACQUIRE
BASE METAL ASSETS AT ATTRACTIVE PRICES
Structural changes in base metal markets
are raising searching questions for metal
and mineral producers. As Chinese demand
growth has slowed, market participants are
having to adjust.
Persistently low prices will make some
producers uneconomic. Many mining
companies will scale back production.
Some may be forced into asset disposals.
There are likely to be attractive
investment opportunities in base metal
assets for those with the patience,
confidence and resources to invest at
this stage of the economic cycle.
Trafigura is already one of the worlds
leading base metals trading firms. We
are now working with Abu Dhabi-based
investment and development company
Mubadala to identify productive base
metal assets in which each firm can invest.
Mubadala has already acquired a
50percent stake in our Minas de Aguas
Teidas (MATSA) mining operation, which
owns mines in southern Spain producing
copper, zinc and lead concentrates.
Mubadala and Trafigura have also
co-invested a 25.5 percent stake
respectively in Minerao Morro do Ip
Impala Terminals and Mubadalas Porto Sudeste iron ore export facility in Brazil.
Main image: MATSA mine, Seville, Spain.
P E R F O R M A N C E C A PA B I L I T I E S
mining operation in the Serra Azul mining
region of Minas Gerais, Brazil.
The two companies are a natural fit.
Mubadala has a global outlook and
extensive resources. Its sound investment
philosophy is based on fundamental value
and long-term growth.
Trafigura has a similar stance. Our
industry knowledge and global network
allow us to identify, develop and market
productive base metal assets.
Our Mining Group has the technical
expertise to improve productivity. Our
trading teams deal-sourcing capabilities
provide a platform for negotiating offtake
agreements in exchange for equity holdings.
At present, Trafigura and Mubadala
each hold non-controlling interests in Porto
Sudeste, a state-of-the-art iron ore port in
Rio de Janeiro state. The port connects
miners in Brazils iron ore quadrangle
with international markets.
Scale is a key factor for success
in base metals markets. Working with
Mubadala to identify opportunities
promises significant future value creation
and strengthens our ability to compete
effectively by growing traded volumes.
TRAFIGURA CORPORATE BROCHURE33
CORPOR ATE RESPONSIBILIT Y
INVESTING IN
RESPONSIBLE TRADE
Responsible trade drives economic progress and strengthens society. We are leveraging our
experience and expertise to embed responsibility in our business and across the sector.
ADVANCING TRADE RESPONSIBLY
As a leading commodities trading company, we act as partner to nations,
corporations and communities. We aim to redress complex supply and
demand imbalances while earning the trust of those around us through
responsible practices and behaviours.
Our approach is shaped by the knowledge that, in the long term, our
performance will be governed by the positive contribution we make for
stakeholders and society at large. We aim to enhance our societal and
environmental impacts through transparent and ethical behaviour.
Global trade is a positive economic force, but it can also have
disruptive effects. We address these complex issues head on and work
hard to obviate or mitigate any potentially negative consequences. This
is what we mean by advancing trade responsibly.
OUR CORPORATE RESPONSIBILITY JOURNEY
Our vision is to become acknowledged sector leaders in corporate
responsibility. This is an important strategic
commitment, endorsed by Trafiguras Board of
Directors, shareholders and employees all closely
involved in the running of our business.
There are compelling commercial arguments
for investing in responsible trade. We know that to
operate effectively we have to earn and maintain
a social licence to operate in the many countries
and communities where we are active.
It is basic good business: safer operations are not only better places
to work, they are also more efficient. And there is the opportunity to
gain competitive advantage by leading on the responsibility agenda.
We enhance our access to capital and liquidity by demonstrating
leadership and sustainability. Rightly, actual and potential partners
deserve assurance that we operate to the highest standards.
Trucking from Impala Terminals warehouse in Ndola, Zambia.
34TRAFIGURA CORPORATE BROCHURE
A COMPREHENSIVE FRAMEWORK FOR RESPONSIBILITY
Our Corporate Responsibility
Policy and Business Principles,
along with our Code of
Business Conduct, encapsulate
our approach. These are
published online. We
encourage ever yone with
whom we do business to adopt
a comparable stance, and require contractors and suppliers to apply
complementary standards, principles and policies. We report annually
on progress and performance in a standalone Responsibility Report.
PROMOTING TRANSPARENCY
Transparency is indispensable to our corporate responsibility journey.
As a major facilitator of global trade, we believe that natural resource
wealth should be an important engine for economic growth contributing
to sustainable development and poverty reduction. Being open about
how we manage natural resources gives the populations in countries
where we operate the tools to hold governments and business
to account. Through our work with the Extractive Industries
Transparency Initiative (EITI) and the disclosures we have made of
payments to governments for oil, we are helping to inform debate
around the contribution our company, and potentially our sector, makes
to national economies.
ENGAGING WITH STAKEHOLDERS
Our commitment to transparency goes beyond data disclosure. Honest,
open engagement with stakeholders helps us identify and prioritise
material issues. We are members of the UN Global Compact and World
Business Council for Sustainable Development. We contribute towards
industry forums in developing best practice and in presenting our
industry, its processes and practices as well as its social and
environmental impacts.
For further information please visit
www.trafigura.com/responsibility
 C O R P O R AT E R E S P O N S I B I L I T Y
CORPOR ATE PHIL ANTHROPHY

TRAFIGURA
FOUNDATION
The Trafigura Foundation provides
long-term funding and expertise to
improve socio-economic conditions
for vulnerable communities
around the world.

KEY FIGURES for 2016

FOCUS AREAS
The Trafigura Foundation ran 54 programmes across 33 countries in

54 33
Programmes Countries of activity
OUR MISSION
The Trafigura Foundation was established in 2007 as an independent
philanthropic organisation with a twofold mission: providing financial
and technical support to long-term development programmes and
promoting staff engagement in philanthropic activities.
In terms of grant-making, over the past eight years we have
invested more than USD48 million in nearly 100 different
programmes on five continents.
We act as a catalyst bringing people, expertise and financial
assistance together in support of long-term philanthropic objectives.
We partner with expert organisations on the ground to support
self-sustaining activities that help people realise their full potential.
OUR ROLE IN TRAFIGURA
We fulfil the second part of our mission through our interaction
with Trafigura.
The Foundation acts as an embedded stakeholder in the
business, offering perspectives and experiences that help our
colleagues in Trafigura gain a more rounded appreciation of their
community and social responsibilities.
We maintain strong operational connections through our links
around the world. There has always been a drive within the company
to support communities and worthwhile causes. We work with
Charity Committees in Trafiguras main offices to coordinate
philanthropic programmes on behalf of their employees. They raise
funds and act as conduits for staff members wanting to get more
directly involved by contributing time or expertise.
2016. We provide our NGO partners with the financial means to carry
out and strengthen their programmes and we dont just give money, we
also coordinate strategic and managerial support.
Our three main focus areas as a grant-maker are complementary
and interdependent. We sponsor programmes to support sustainable
development, education and integration, and health.
WOMEN AS AGENTS FOR CHANGE
Investing in womens education and employment is a common theme
in many of our projects. According to a recent McKinsey Global Institute
report, removing the gender gap could add as much as 26 percent to
global GDP by 2025. Women bear the brunt of poor healthcare. Equality
of girls education is both an intrinsic right and a critical lever for
breaking the cycle of poverty.
DISASTER AND EMERGENCY RELIEF
We stand ready to lend assistance in crisis situations. The current plight
of refugees seeking safe havens in Europe demands immediate
action. As part of our response, we provide funding for the search-and-
rescue operations of the Migrant Offshore Aid Station (MOAS) fleet
in the Mediterranean.
LOOKING FORWARD: THE NEW STRATEGIC VISION
Going forward for 2017, the Foundation has adopted a new strategy
focusing its support on development programmes that are connected
to the commodity trading and logistics industrys areas of activity.
It also seeks to support initiatives that are more closely aligned
with Trafigura as a businesss entrepreneurial spirit, allocating resources
to longer-term social entrepreneurship ventures that aim to help
develop local economies, create sustainable employment as well as
clean and safe logistics.
To discover the many other programmes supported by the
Trafigura Foundation, visit www.trafigurafoundation.org

TRAFIGURA CORPORATE BROCHURE35

KEY CANADA
Calgary
RUSSIA
Moscow

REGIONAL
Trafigura Canada General Partnership Trafigura Eurasia Ltd.
Livingston Place, Suite 1200 Business Center LOTTE
250 2 Street S.W. 19th Floor, 8 Novinsky Blvd
Calgary Moscow 121099

OFFICES
Alberta T2P 0C1 Tel: +7 495 641 1728
Tel: +1 403 294 0400

SINGAPORE
CHINA Singapore
Beijing Trafigura Group Pte. Ltd.
Trafigura Beijing Representative Office 10 Collyer Quay
Rm 2103 Building No B Pingan, Level 29 Ocean Financial Centre
A full list of Trafiguras representative offices International Financial Centre 049315
(Pingan IFC) Tel: +65 6319 2960
can be found at www.trafigura.com No. 1-3 Xinyuan South Road,
Beijing 100004
Tel: +86 10 8446 5100 SOUTH AFRICA
Johannesburg
Shanghai Trafigura Services South Africa
Trafigura Investment (China) Co., Ltd. 15 Alice Lane, 3rd Floor
56F Tower 2, IFC Building, Sandton
8 Century Avenue Johannesburg
Pudong 2196
Shanghai 200120 Tel: +27 11 750 6800
Tel: +86 21 6125 8300

SWITZERLAND
GREECE Geneva
Athens Trafigura Pte. Ltd.
Trafigura Maritime Ventures Ltd 1 Rue de Jargonnant
171-173 Vouliagmenis Avenue 16674 1207 Geneva
Glyfada, Athens Tel: +41 22 594 6900
Greece
Tel: +30 21 3020 2700
UNITED STATES OF AMERICA
Houston
INDIA Trafigura Trading LLC
Mumbai 1401 McKinney
Trafigura India Pvt. Ltd. Suite 1500
11th Floor, A Wing, One BKC Houston
Bandra Kurla Complex Texas 77010
Mumbai 400 051, Tel: +1 832 203 6400
Tel: +91 22 4226 8550
Stamford
Trafigura Trading LLC
MEXICO One Stamford Plaza
Mexico City 16th Floor, 263 Tresser Boulevard
Trafigura Mexico Stamford, CT 06901
Reforma 115 Oficina 2102 Tel: +1 203 355 7200
Col. Lomas de Chapultepec
Delegacion Miguel Hidalgo
Federal District URUGUAY
11000 Montevideo
Tel: +52 5552 01 4100 Trafigura Pte. Ltd.
Zonamerica, Ruta 8 km 17.500
Edificio Tribute
PERU 91600 Montevideo
Lima Tel: +598 2518 8100
Trafigura Peru
Av. Santo Toribio 173
Edificio Real Ocho
Piso 4
Centro Empresarial Real
San Isidro, Lima
Tel: +51 1 215 5470

36TRAFIGURA CORPORATE BROCHURE

Printed by Pureprint on Vision Superior which is FSC certified.
Pureprint is certified to ISO 14001 environmental management system, is registered to EMAS the Eco Management Audit Scheme,
is a Carbon Neutral Company and has been awarded the Queens Award for Enterprise: Sustainable Development.
Designed and produced by SALTERBAXTER MSLGROUP.
Photography by Charlescannon, Hoegh, Gareth Bentley, Red Wing, William Martin, Edwin Koo, MATSA, Nitro, Grupo TMS, Aerosonda.

Trafigura Group Pte. Ltd. and the companies in which it directly or indirectly owns investments in are separate and distinct entities.
In this publication, the collective expressions Trafigura, Trafigura Group, the Company and the Group may be used for convenience
where reference is made in general to those companies. Likewise, the words we, us, our and ourselves are used in some places
to refer to the companies of the Trafigura Group in general. These expressions are also used where no useful purpose is served
by identifying any particular company or companies.
Trafigura Group Pte. Ltd.
10 Collyer Quay #29-00
Ocean Financial Centre
Singapore 049315
www.trafigura.com
TG/0208.1e