Trafigura has entered into a joint venture with Adu Dhabi’s state investment fund. Trafigura has sold stakes in a number of Spanish copper and zinc mines in an effort to raise money as commodities trade near multi year lows.

Adu Dhabi set up it’s investment fund known as Mubadala to help provide diversity to their economy in 2002. “Investing in Matsa is a key step in growing and diversifying our existing metals and mining portfolio,” said Ahmed Yahia Al Idrissi, CEO of Mubadala.

Trafigura’s Mubadala deal will split the mining assets 50:50, sources say the deal has valued the asset at $1.4 billion.

The announcement comes after Traifgura announced record profits, trading in oil in the first half was boosted by higher volatility and helped net income rise to $645 million.

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