Mercuria signs copper concentrate offtake agreement with Bulgarian miner

Commodities trading group Mercuria said on Tuesday that it has signed an offtake agreement with Bulgarian mining company Geotechmin for 100% of copper concentrate production at its Ellatzite mine in 2026.

Mercuria is one of several energy traders expanding into metals trading, betting that structural changes in global energy systems will prove lucrative.

The deal, which includes a $250 million prepayment facility, aligns with Mercuria’s strategy to expand its metals business in Europe, Kostas Bintas, global head of metals at Mercuria, said in a statement.

Mercuria said last month that a squeeze in global copper markets would tighten again next year, pushing up prices of concentrate and refined metal.

For Geotechmin, the agreement will allow competitive access to international markets, its deputy manager Ivan Vutov said in the same statement. The Ellatzite mine is expected to produce 195,000 wet metric tons in 2026.

(By Polina Devitt; Editing by Susan Fenton)