Commodity trading giant Trafigura has been identified as the buyer in Mineral Resources’ $400 million prepayment deal for iron ore. This agreement, initially announced in July without disclosing the client’s name, signifies Trafigura’s aggressive expansion in the iron ore market, where its volumes have surged over fivefold in the past decade. The prepayment will secure a stable supply of iron ore for Trafigura between 2026 and 2028, while Mineral Resources seeks to manage its rising debt and navigate the challenging iron ore market.