Blue-chip firms lent their money, connections and reputations to the little-known iron ore trader. Now several of them are counting their losses.

Vitol said its renewables arm had acquired a data center campus in South Carolina from Meridan Gridworks, one of the first instances of a major commodity trader delving into artificial intelligence infrastructure.

Glencore Plc last year acquired warrants that would have given it a minority ownership stake in Radiant World, the iron ore trader under pressure amid concerns it provided falsified documents to banks, according to people familiar with the matter.

The Justice Department and a US financial regulator are probing transactions around Radiant World, the private firm that has rapidly risen to become one of the world’s largest iron ore traders, according to people familiar with the matter.

The Justice Department and a US financial regulator are probing transactions around Radiant World, the private firm that has rapidly risen to become one of the world’s largest iron ore traders, according to people familiar with the matter.

Metals trader Radiant World agreed to sell a stockpile of aluminum to STG Group, according to people familiar with the matter, in a move that will bring in liquidity to the firm.

Jefferies Financial Group Inc. has been told that some of the invoices underpinning its financing to an iron ore trader called Sapphire Minmetals Corp. are not genuine, according to people familiar with the matter.

In a corporate presentation in December 2024, Radiant World boasted of its “diverse network” of suppliers and counterparties.

Vitol Group and Cargill Inc. have stopped trading with Radiant World, a private firm that’s rapidly risen to become one of the world’s largest iron ore traders, while Glencore Plc is no longer doing new business with the company, according to people familiar with the matter.

The trading arm of Chinese copper giant CMOC Group Ltd. is making a push into iron ore with a deal to finance a mining company in Brazil.

Commodity trading giant Vitol Group paid out $5.9 billion to its executives and senior staff through share buybacks last year, even as its profits more than halved to $4.2 billion.

Vitol Group is in late stage talks to sell its shale oil venture VTX Energy Partners LLC to a consortium of two private equity buyers - Carnelian Energy Capital and EnCap Investments, a deal that would mark a scaling back for the trader in US upstream oil and gas production.

ING Groep, one of the top financiers of commodity trading, is fielding “a lot” of calls from clients to support Venezuelan natural resource deals as the country revamps exports after years of US sanctions, its new Americas commodity finance head said.

Trading house Mercuria Energy Group Ltd. signed its first prepayment agreement with a uranium miner, striking a deal with the owner of an operation in Malawi.

Rio Tinto Group is in talks with oil-trading giant Vitol Group about setting up a freight and logistics joint venture, less than five months after ending talks to buy rival miner and trader Glencore Plc.

Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway.

Vitol Group is supplying diesel to Zambia via exclusive access to a pipeline that lasts through September, in an emergency arrangement the International Monetary Fund has urged authorities to end.

Trafigura Group asked a Dubai court to tighten financial restrictions on Prateek Gupta’s wife, as it looks to recoup more than $700 million in damages owed by him for sales of fake nickel.

Abu Dhabi National Oil Co has hired commodities veteran Benoit Roulon to head up its trading arm, part of the long-term expansion plan at the Middle Eastern producer which quit OPEC last month.

Glencore Plc, Mercuria Energy Group and Trafigura Group are among key investors planning to buy securities in the Hong Kong listing of Indonesian gold miner PT Merdeka Gold Resources.