Vitol Launches Mine Finance Fund as Competition Grows for Metals

(Bloomberg) — Vitol Group and Breakwall Capital have formed a credit fund targeting mining companies in the Americas, as competition among traders for copper and other metals contracts heats up.

Valor Mining Credit Partners LP will be managed by Breakwall and offer capital to companies looking to refinance debt, make acquisitions and expand in other ways, the firms said. Breakwall, which spun out from Riverstone Credit Partners last year, already partners with Vitol on another fund focused on upstream oil and gas.

Mining companies are on the lookout for more funds as banks and equity markets continue to be wary of investing into the sector. Traders meanwhile have long provided the companies with upfront capital to help finish projects, often in return for future supply. 

That’s fast becoming a go-to way of locking in supply contracts as traders such as Vitol, Mercuria Energy Group Ltd, Trafigura and others allocate large energy trading profits into a slice of the increasingly volatile metal markets.

“We see a tremendous opportunity to bridge an unmet need in the marketplace,” Breakwall’s managing partners said in a statement.

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