International shareholders urge Australia to withhold further funding for Trafigura-owned Nyrstar
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International shareholders are urging Australian and state governments to avoid further subsidies for Trafigura-owned Nyrstar amid an ongoing Belgian criminal probe alleging forged accounts and misuse of corporate assets. The dispute raises headline and governance risk around continued public support for strategically important Australian zinc smelters, potentially affecting perceptions of downstream critical-minerals processing capacity and supply-chain security, though immediate broader market spillovers appear limited.
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A group of international shareholders has urged Australia’s federal government and the governments of South Australia and Tasmania not to provide additional subsidies to Trafigura, which owns Nyrstar. The shareholders point to a Belgian criminal investigation involving Nyrstar NV that includes allegations of forgery, false annual accounts and misuse of corporate assets. Nyrstar’s Australian operations are losing $15 million per month, and Trafigura has warned it could shut the Port Pirie and Hobart smelters unless more funding is provided. Governments have already provided $240 million in public funding, but the shareholders say the legal risks remain, according to ABC News.
