What is the nature of IXM's new deal with Itaminas, and why is it significant for CMOC's business strategy?

IXM SA, the trading arm of CMOC Group Ltd., has agreed to a prepayment facility with Brazil’s Itaminas Comercio de Minerios SA in exchange for future iron ore supply — marking IXM’s first-ever entry into the iron ore market. This move is significant because it represents CMOC’s strategic expansion beyond its core metals (copper, cobalt) and signals a broader diversification into steel raw materials, aligning with industry trends where trading houses like Vitol and Trafigura are also using prepayment deals to secure long-term iron ore supply amid falling prices below $100 per ton.

How does IXM’s background and recent leadership change relate to its new iron ore initiative?

IXM, originally the metals trading unit of Louis Dreyfus Co. and acquired by CMOC in 2019, has recently scaled back third-party trading in metals like lead and zinc to focus on commodities produced by its parent — especially copper and cobalt. Its shift toward iron ore coincides with new leadership: Branko Buhavac, a former trader from Mitsubishi and Trafigura, succeeded Kenny Ives as CEO of IXM and commercial director of CMOC — bringing experience from firms actively expanding in iron ore via prepayment structures.

China’s CMOC Makes Iron Ore Push With Brazil Mine Financing Deal

Jul 29, 2026

CMOC Group's trading arm IXM SA secured a prepayment facility with Brazilian miner Itaminas for iron ore supply, marking its entry into the steel raw material market amid slumping commodity prices.

bloomberg

2026-07-29

China’s CMOC Makes Iron Ore Push With Brazil Mine Financing Deal

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